A 60-year-old retired woman from Ahmedabad's upscale Satellite area has become the latest victim of a sophisticated online stock trading scam, losing a staggering sum of Rs 86.7 lakh. The elaborate fraud, which began on a social media platform, exploited the victim's familiarity with digital banking and legitimate stock market investments.
How the Elaborate Scam Unfolded
The victim, a retired professional from the pharmaceutical industry, lives with her elderly father and her husband, a retired bank employee. The couple is tech-savvy, using net banking and digital payments regularly, and the woman also actively invests through a genuine stock trading application. The trouble began on November 5 last year, when she encountered an advertisement on Facebook promising high returns from share trading.
After clicking the ad, she was added to a WhatsApp group posing as a stock market advisory service. Later, she was moved to an exclusive 'VIP' WhatsApp group where trading tips and instructions were shared. The fraudsters then directed her to click a link that led to a website and a mobile application designed to mimic a legitimate stock trading platform.
The Trap of Fake Profits and Withdrawals
Using her PAN card details and email, the woman created a login on the fraudulent application. She was instructed to deposit money into various bank accounts provided via WhatsApp messages. Starting with an initial transfer of Rs 5,000, she was shown impressive profits on the app's dashboard. To build trust, the scammers even allowed her to successfully withdraw Rs 37,000 at one point.
Encouraged by the apparent gains, she continued to transfer larger sums, sometimes from her husband's bank account, into multiple accounts provided by the fraudsters. The application dashboard consistently displayed rising profits, creating an illusion of a successful investment portfolio.
The Final Sting and Reporting the Crime
The scam was revealed when the woman attempted to withdraw her accumulated invested amount and earnings. All her withdrawal requests were denied. Instead, she was asked to pay additional hefty amounts under the guise of commission and processing charges. This raised her suspicion, leading her to realize she had been defrauded.
Acting promptly, the complainant reported the massive financial fraud in late December. She filed a formal complaint with the police on Saturday and had previously registered the case on the national cyber crime portal and contacted the cyber crime helpline. Her police complaint details the entire sophisticated operation, from the initial Facebook ad to the fake trading application.
A Warning for Digital Investors
This case highlights the increasing sophistication of financial cyber crimes targeting individuals familiar with online transactions. Scammers are creating convincing clones of legitimate platforms and using social media to lure victims into closed messaging groups where they are psychologically manipulated. The incident serves as a critical reminder for all investors, especially seniors, to verify the authenticity of any unsolicited investment advice or platform through official channels before transferring funds.
