Senior citizen in Ahmedabad duped of over ₹60 lakh in online stock trading scam

The Ahmedabad Cyber Crime police have registered a case against unidentified persons for allegedly duping a 62-year-old of more than ₹60 lakh through a sophisticated online investment scam.

According to the First Information Report, the complainant, Ankit Manharlal Modi, a retired professional residing in Navrangpura, was first contacted in January 2025 by a person introducing himself as Rajiv Mehta, who claimed to be the Chief Investment Officer of FYERS Securities in Mumbai. Through repeated calls and WhatsApp messages, the fraudsters lured Modi into believing he was being enrolled as a ‘High Net Worth Individual (HNI) client’ with access to lucrative share market and IPO investments.

The complainant stated that the accused sent him multiple links to download an application called FYERS HNI, along with a referral code. The app, which mimicked legitimate trading platforms, allegedly displayed fabricated profits and IPO allotments to gain Modi’s confidence. He was shown allocations of shares in companies such as Savvy Infra, Monarch Surveyors and Shree Refrigeration, purportedly worth ₹1.5 crore.

Believing the claims to be genuine, Modi transferred money in instalments to several bank accounts across the country, including accounts in AU Small Finance Bank, IDFC First Bank, Bandhan Bank and others. The FIR lists transactions totalling ₹60.67 lakh, made between July 21 and August 20, 2025. Despite showing inflated profits at one point, the application displayed a gain of ₹80 lakh, the fraudsters refused to release any funds, citing reasons such as “account security” and “short-term capital gains tax”.

The complainant also reported that the accused sent him a forged letter purportedly from the Securities and Exchange Board of India (SEBI) to strengthen their credibility. When Modi attempted to withdraw his earnings, he was asked to pay additional charges and commissions, after which communication ceased.

On realising the deception, Modi complained to the national cyber helpline (1930) and subsequently approached the Ahmedabad Cyber Crime Police Station. An FIR has been registered under relevant sections of the Bharatiya Nyaya Sanhita and the Information Technology Act for cheating, forgery, criminal conspiracy and identity concealment.

Officials have recorded the statement, while an investigation has been started into the matter. Police officials said efforts are underway to trace the mobile numbers and bank account holders involved in the fraud.

Cybercrime officials have once again urged citizens to exercise caution before responding to unsolicited investment offers on WhatsApp or social media, and to verify the authenticity of financial institutions through their official websites.