In mid-December 2025, a 71-year-old retired Indian Army Colonel and his wife, residents of Richards Town in Bengaluru, encountered what appeared to be a lucrative investment opportunity. An online advertisement, seen by the Colonel’s wife, promoted high and assured returns through a trading platform purportedly linked to a well-known stock market expert. The messaging was polished and persuasive, echoing the language of legitimate financial advisories that have become commonplace in India’s booming digital investment space.
Soon after, the couple was contacted by a woman who identified herself as Swati Verma. She claimed to represent the investment operation and reinforced its credibility by associating it with a reputed trader. For the couple, who had accumulated their savings over decades of service and careful planning, the proposition appeared both credible and timely.
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The engagement quickly moved to WhatsApp, where the couple was added to a group of more than 60 members. Investigators say such groups are commonly used in online investment frauds to create a sense of community and legitimacy, with scripted success stories and screenshots of purported profits circulating among participants.
At the direction of the alleged facilitators, the couple downloaded an application called “Stokohni” from the Google Play Store. Between December 16, 2025, and January 5, 2026, they transferred approximately ₹1.98 crore—representing nearly their entire life savings—through multiple bank transfers to accounts provided by the fraudsters. The transactions were spread across different dates, a tactic that often helps scammers avoid triggering immediate banking red flags.
The Illusion Begins to Fracture
On December 31, the couple was informed that a so-called loan of ₹40 lakh had been generated in their trading account and needed to be cleared to continue operations. Believing this to be part of the investment mechanics, they paid the amount. The demands escalated further when, upon attempting to withdraw funds on January 9, they were told that another ₹70 lakh loan had to be repaid before any withdrawal could be processed.
It was only after these demands raised serious doubts that the couple contacted an official online trading support channel. An email response received on January 12 confirmed their fears: the scheme was fraudulent, and the platform had no association with the claimed stock market expert.
A Case Reflecting a Wider Pattern
The retired officer and his wife have since approached the authorities, seeking an investigation into the bank accounts, mobile numbers and WhatsApp groups involved, as well as recovery of the defrauded funds. Based on their complaint, Bengaluru’s cybercrime police have registered a first information report against unknown persons under provisions of the Information Technology Act and sections dealing with cheating and impersonation under the Bharatiya Nyaya Sanhita.
Cybercrime specialists note that the case reflects a broader trend in India, where fake trading apps, social media advertisements and messaging platforms are increasingly used to target retirees and professionals with substantial savings. The presence of fraudulent applications on official app stores and the misuse of well-known financial personalities’ names have made such scams harder to detect, even for cautious investors.
As the investigation unfolds, the case underscores how the rapid digitisation of financial services—while expanding access and opportunity—has also opened new avenues for deception, with devastating consequences for victims who often realise the truth only after their savings are gone.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
