Former Pharma Executive Duped of Rs 87 Lakh in Online Stock Trading Scam
Fraud
Ahmedabad: A former pharmaceutical industry employee from Ahmedabad has allegedly been cheated of nearly Rs 87 lakh in an online stock trading fraud after being lured by a social media advertisement promising unusually high returns.
The case has once again highlighted the rising threat of cyber-enabled financial scams targeting retired professionals and experienced investors.
According to the complaint, the 60-year-old woman, a resident of the Satellite area, came across a stock trading advertisement on Facebook that claimed assured profits. After clicking on the link, she was added to a WhatsApp group projecting itself as a professional stock market advisory forum. Later, she was shifted to a so-called “VIP group”, where members were given regular trading tips and encouraged to invest through a particular trading application.
The victim, who had prior experience investing through legitimate trading platforms, was instructed to download the app and register using her PAN card and email ID. She initially invested ₹5,000 and was shown profits on the app dashboard. She was also allowed to withdraw around ₹37,000, which further reinforced her trust in the platform.
Encouraged by the apparent gains, she continued investing larger sums, transferring money from her own bank account as well as her husband’s account. Over time, she deposited a significant amount, believing her investments were growing as reflected in the app.
When she later attempted to withdraw the total invested amount along with the displayed profits, the platform operators allegedly refused the request and rfdc demanded additional money in the name of commission, service charges and processing fees. Realising she had been cheated, the woman approached cybercrime authorities and lodged a complaint through the National Cyber Crime Portal.
According to a recent media report in The Times of India, cybercrime officials have registered a case and initiated an investigation to identify the individuals and bank accounts involved in the fraud.
Officials have reiterated the need for investors to remain cautious of social media advertisements and WhatsApp groups offering guaranteed or unusually high returns, as such offers are often linked to organised cyber fraud networks.
