Ahmedabad’s Vasna area witnessed a major cyber investment fraud in which a 71-year-old retired pharmaceutical advisor was cheated out of ₹1.21 crore after being lured with promises of high returns from stock market and IPO investments. The scam began on March 19 when the victim received a WhatsApp message from a woman claiming to be associated with a financial services company, IIFL. Shortly after, he was added to a fake stock market advisory group where members regularly shared fabricated screenshots showing massive profits from trading and IPO subscriptions.
Fake Profit Screenshots Used
Investigators have found that the entire setup was designed to build credibility using manipulated visuals and false success stories. The scammers gradually convinced the retired professional to download a suspicious investment application, through which he was guided to transfer money in multiple installments under the guise of stock market and IPO investments. Over a period of nearly three months, the victim ended up transferring a total of ₹1.21 crore into various accounts controlled by the fraudsters.
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The fraud came to light when the victim attempted to withdraw both his invested capital and the promised profits. Despite repeated efforts, no funds were released, and communication with the operators began to break down before eventually stopping altogether. Realizing he had been deceived, the victim approached cyber crime authorities and filed a formal complaint. A detailed investigation has since been launched to trace the financial trail and identify those behind the network.
WhatsApp Groups Under Scanner
Officials and experts believe the case is part of a growing trend of organized cyber investment scams operating through WhatsApp and Telegram groups. Fraudsters typically begin by adding victims to large online communities where fake profit screenshots and success testimonials are continuously circulated to create trust. Small initial gains are sometimes shown to encourage higher investments, after which victims are pushed to invest larger sums.
According to cyber security specialists, these scams rely heavily on psychological manipulation and social engineering techniques. The fraudsters often impersonate representatives of reputed financial institutions and use professional-looking dashboards to make the scheme appear legitimate. Once significant money is deposited, withdrawal requests are either delayed indefinitely or completely blocked.
Fake App Enabled Fraud
A cyber crime expert and former IPS officer Prof. Triveni Singh noted that such frauds exploit trust and urgency, where victims are psychologically pressured into making repeated investments without proper verification. He emphasized that genuine investment platforms never operate through unsolicited WhatsApp groups or unknown applications.
Officials also pointed out that such networks often operate across multiple layers, using mule bank accounts and overseas servers to hide their identity and move funds quickly. This makes tracking and recovery of money extremely difficult once the fraud has been executed.
Financial Trail Being Traced
Authorities have urged citizens to verify any investment opportunity through official regulatory channels and avoid downloading unknown applications or clicking on suspicious links shared on social media platforms. Financial experts also warn that promises of unusually high or guaranteed returns are a major red flag in most online investment schemes.
The case adds to a growing list of cyber fraud incidents reported in Gujarat and other parts of India, where victims are increasingly being targeted through digital platforms. Cyber security agencies remain on alert as investigations continue into the broader network involved in this scam.
The victim’s family is reported to be in shock following the massive financial loss, while investigators continue to trace digital footprints and transaction records in an attempt to identify and apprehend those responsible for the fraud.
