Senior citizen in Ahmedabad duped of ₹53 lakh in forex trading scam

A 61-year-old retired businessman from Chandkheda has alleged that he was duped of ₹53.70 lakh by fraudsters who lured him into investing in a purported forex and commodities trading platform using fake identities and forged regulatory documents.

Bharatkumar Harjivanbhai Parmar, a resident of New Kamalkunj Society on IOC Road, has lodged a complaint with Cyber Crime Police Station.

Parmar alleged the fraud took place between December 11 and January 20.

On December 11, while browsing YouTube at home, he came across an advertisement inviting farmers and retired persons to participate in an online tender and earn high returns. Claiming it was the last day for registration, the advertisement redirected him to a website where he filled in his personal details, including his name, mobile number, email ID and PAN.

Soon after, he received a call from a man identifying himself as Abhishek Tripathi, who claimed to be a manager with 'Quantum Al Naka Solution Trading'. The caller allegedly persuaded Parmar to invest in their trading platform and asked him to transfer ₹21,071 via IMPS as an initial investment.

Parmar was subsequently contacted on WhatsApp by another individual, who introduced herself as Sakshi Jaiswal, purportedly a financial adviser with the same firm. She allegedly shared an identity card and provided links to trading websites, including domains resembling legitimate financial platforms.

To gain his confidence, the accused allegedly allowed Parmar to withdraw $10 (around ₹906) as a sample return on his investment. Thereafter, they continued to encourage him to invest larger sums, claiming that he was earning significant profits through forex and commodity trades.

The complainant alleged that when he sought proof of regulatory compliance, the accused sent him documents bearing the name and logo of the Securities and Exchange Board of India (SEBI), which later turned out to be fake.

Between December 11 and January 20, Parmar transferred ₹53.70 lakh in multiple instalments from his Bank of Baroda account to various bank accounts provided by the accused.

When Parmar later sought to withdraw his entire investment along with the purported profits, he was allegedly told that the funds had been processed through Barclays Bank. He was then contacted by a person identifying himself as Ankit Chaturvedi, claiming to be a “Foreign Remittance Manager” with Barclays, who demanded a “declaration fee” to release the funds.

Suspicious at this stage, Parmar asked for an official bank email, following which he received communication from an email ID resembling that of a remittance service. Realising he may have been defrauded, he approached the police.

Based on the complaint, police have registered a case of cheating, criminal breach of trust and conspiracy against the persons identifying themselves as Abhishek Tripathi, Sakshi Jaiswal and Ankit Chaturvedi, along with the holders of the beneficiary bank accounts and other unknown individuals involved in the alleged fraud.

The complainant has submitted screen recordings, audio clips and other electronic evidence, along with a certificate under section of the Indian Evidence Act, to support his allegations.

Cyber Crime officials said they are tracing the bank accounts and digital footprints used in the fraud and have initiated steps to coordinate with banks and other agencies.