A 73-year-old retired banker from Ahmedabad has allegedly lost nearly Rs 91 lakh to an unregistered online trading platform that he accessed after clicking on a YouTube advertisement. The victim filed a complaint with the Cybercrime police on Saturday after failing to withdraw his invested money and the promised profits over a period of six months.
How the Scam Unfolded
According to the complaint, the elderly man came across YouTube advertisements promoting stock market investments and featuring prominent figures from the finance and technology sectors. In November 2025, he clicked on one such ad and was redirected to a page where he was asked to provide personal details and open an account on a trading platform.
Soon after, individuals claiming to be investment advisors and portfolio managers contacted him via WhatsApp. They allegedly persuaded him to start investing through the platform and assured him of substantial returns. Initially, the complainant transferred small amounts through UPI transactions, and the platform showed profits, building his trust.
Escalation of Transfers
Over the following months, the fraudsters convinced him to make larger deposits through RTGS and bank transfers into multiple accounts held at different banks. Police stated that the victim transferred money between November 2025 and April 2026 through several transactions, ranging from a few thousand rupees to as much as Rs 18.5 lakh at a time.
The platform displayed apparent profits and later showed a credit of $25,372 to his trading account. However, when the man attempted to withdraw the funds, he was allegedly told that his account had been frozen. Subsequently, he began receiving emails and WhatsApp messages demanding additional payments for purported capital gains tax and processing charges to release the funds.
Trust Exploited
Believing these claims, the complainant transferred more money, totaling Rs 90.9 lakh. He received only about Rs 22,000 back through two small credits, which investigators believe were sent to win his trust. When the accused stopped responding to his calls and messages, the man realized he had been cheated.
Legal Action Initiated
The victim contacted the national Cybercrime helpline and lodged a formal complaint on Saturday. The Cyber Crime Police have registered a case and initiated an investigation to trace the WhatsApp users, bank account holders, and others involved in the alleged fraud.
