Vadodara Trader Loses Over ₹1.03 Crore in Fake Stock Market App Scam

Cyber fraudsters have duped a businessman from Vadodara's Sevasi village of ₹1.03 crore after promising him high daily stock market returns.

Vipul Shantilal Makwana, a resident near the Seva Seema Verai Mata temple who works in loan processing and stock trading, lodged a formal complaint at the Vadodara Taluka police station following the fraud.

The scam began in March 2025 when an unknown caller telephoned Makwana while he was at home. The caller alleged that Makwana had incurred a loss of ₹7 lakh in his Sharekhan trading account and promised to recover the amount. The caller pledged daily profits between 10 and 25%, assuring him that all bank accounts involved were SEBI-registered, reliable, and backed by a 37-year track record.

Fake Returns and WhatsApp Group

After convincing Makwana, the scammers added him to a WhatsApp group that shared market insights, transaction updates, and profit tallies designed to build confidence.

The fraudsters then instructed him to download an application titled 'ABBOTT WEALTH MANAGENT' and complete its KYC process. The app visually displayed his investments alongside escalating profit figures, encouraging him to commit larger sums.

Blocked Withdrawals and Police Action

Following instructions from the fraudsters, Makwana executed multiple online transfers into various bank accounts between April and May 2025, depositing a total of ₹1,03,35,000.

Although the app showed substantial profits, Makwana could not withdraw his funds. When he requested his money, the accused pressured him to deposit additional capital. Realising he had been cheated, Makwana reported the matter to the police, who have initiated an investigation.