Ahmedabad: A 45-year-old resident of Adani Shanti Gram in Ahmedabad has alleged that he lost approximately ₹1.68 crore after falling victim to a fake stock investment scheme. The accused reportedly lured him into investing through WhatsApp groups and a mobile application.
According to police sources, at the beginning of this year, the victim was added to a WhatsApp group called ‘VIPS Stock Sharing Group.’ The accused then used another group named ‘Victory Vanguards2’ to build credibility by sharing screenshots of supposed profits and investment tips.
The investigation revealed that the accused hid their real identities, posing as ‘Vikas Sharma’ and ‘Michael Collins.’ They contacted the victim using multiple international phone numbers and instructed him to register and invest through an app called ‘Geosphere.’
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Police said the victim was persuaded to transfer money into bank accounts under the pretext of investment. Between February and March, he sent large sums in multiple installments to different accounts. The accused gained his trust by showing fake screenshots of profits and promising high returns, convincing him to invest significant amounts.
The scam came to light when the victim discussed the matter with his family, who suspected fraud. Subsequently, he contacted the National Cyber Crime Helpline (1930) and filed a complaint at the cybercrime police station.
Police confirmed that the victim invested a total of ₹1.68 crore but received no profit or returns. The accused also allegedly demanded additional payments under various pretexts, including withdrawal processing fees.
Authorities stated that a case has been registered and investigations are ongoing. Police are tracing the accused and the associated bank accounts while analyzing the digital trail of transactions.
Cybersecurity experts noted that social engineering and false profit claims are commonly used in such scams. They emphasized the importance of verifying the credibility of investment apps and WhatsApp groups, as well as conducting digital verification and transaction tracking before making any large investments.
Locals said that online investment fraud cases have been increasing in the city over the past few years and warned that families of potential victims should remain vigilant.
The cybercrime police team is reviewing the accounts and working to identify the accused. Only after a detailed investigation will it be clear how many people were affected and how much money was misused.
Experts warned that if cyber fraud is not controlled promptly, both large investors and ordinary citizens could suffer substantial financial losses. They stressed that exercising caution and thorough checks are crucial when investing digitally.
