A 74-year-old retired HMT officer from Ajmer was allegedly cheated of ₹21.37 lakh in a fake stock market investment scam after fraudsters posed as SEBI-registered advisors and representatives of Kotak Securities. The accused allegedly used calls and WhatsApp groups to win the victim’s trust before collecting money in multiple instalments between February and April 2026.
Fraudsters Claimed Market Expertise
According to the complaint, the victim, Moolchand Kelwani, was contacted by fraudsters who introduced themselves as legitimate financial experts. They allegedly claimed to be authorized representatives of Kotak Securities and SEBI-registered investment advisors.
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The accused persuaded him to invest in stock market schemes by promising unusually high and guaranteed returns. Communication was carried out through phone calls and WhatsApp groups, where the fraudsters allegedly projected themselves as credible investment professionals.
To strengthen the deception, the accused returned about ₹3.01 lakh to the victim’s account as purported profit during the early stage of the scam. This helped build trust and encouraged the victim to invest larger amounts.
Money Routed Through Multiple Accounts
Between February and April 2026, the victim transferred money in several instalments to different bank accounts shared by the fraudsters. The total amount allegedly siphoned reached ₹21.37 lakh.
Investigators suspect that the bank accounts used in the transactions may have been part of a mule account network meant to route and conceal fraudulent funds. Once the amount was collected, the accused allegedly shut down their mobile numbers and deactivated the WhatsApp groups used for communication.
After realizing he had been cheated, the victim reported the matter to the national cyber helpline number 1930 and informed his bank. His account was then frozen to prevent further losses.
Cyber Police Track Digital Trail
The cyber police station has registered an FIR and begun investigating the transaction records and digital trail linked to the case. Officials are examining bank account details, mobile numbers and online communication used by the accused.
Preliminary findings suggest that the fraud relied on psychological manipulation, with small initial returns used to create a false sense of legitimacy before larger sums were extracted.
Police are also looking into whether the same network may have targeted other victims. Authorities have urged people to verify investment offers only through official channels and avoid trusting unknown WhatsApp groups, unsolicited financial advice or claims of guaranteed stock market returns.
