Ahmedabad | A major online trading fraud case has surfaced in Gujarat’s Ahmedabad, where a 52-year-old manager working with Larsen & Toubro Construction Ltd was allegedly cheated of more than ₹74 lakh by cyber fraudsters posing as investment advisors linked to ICICI Securities. Investigators say the accused used fake trading portals, forged SEBI-related documents and WhatsApp investment groups to convince the victim that he was investing through a genuine stock trading platform.
According to Cyber Crime Police, the victim, identified as Laxman Natarajan, is a resident of Sabarmati and originally belongs to Maharashtra. The alleged fraud began in December 2025 when he was reportedly added to a WhatsApp group named “ICICI Securities S05” through an unknown mobile number. The group allegedly shared stock market discussions, investment strategies and trading tips to create an impression of authenticity and professional financial advisory services.
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Police officials said several individuals in the group introduced themselves using names such as “Ashwin Parekh” and “Prachi Shrivastav.” They allegedly persuaded the complainant to invest through websites designed to resemble official ICICI Securities platforms. The fraudsters reportedly shared suspicious domain links including “iciciqio.com” and “icici-qib.com” and instructed the victim to complete registration formalities by submitting sensitive personal and financial information.
Investigators revealed that the complainant was allegedly asked to provide Aadhaar card details, PAN information, bank account credentials, mobile number and investment preferences on the fake portals. To further strengthen the victim’s trust, the accused allegedly circulated forged documents carrying fake SEBI logos, fabricated certificates and investment approvals that appeared legitimate at first glance. The complainant was allegedly promised returns ranging from 15 to 25 percent through share trading and other market-linked investment opportunities.
According to the police complaint, the victim initially invested ₹10,000 as a trial transaction and was shown a small profit on the fake trading dashboard. Officials believe this was a deliberate tactic used by the cyber fraudsters to gain confidence and encourage larger investments. Convinced that the platform was genuine, the complainant allegedly continued transferring money into multiple bank accounts provided by the accused over the next one month.
Police said that between December 18 and January 18, the victim made 62 separate transactions and transferred a total amount of ₹74.02 lakh into different accounts linked to the fraud network. The scam reportedly continued smoothly until the victim attempted to withdraw his investment amount and accumulated profits. At that stage, the accused allegedly started delaying payments using different excuses before eventually cutting off all communication.
After realizing that he had been cheated, the complainant approached the National Cyber Crime Helpline 1930 and also submitted complaints through the National Cyber Crime Reporting Portal. A formal case was later registered at the Ahmedabad Cyber Crime Police Station under charges related to online cheating, criminal conspiracy and breach of trust. Police are currently tracing the mobile numbers, banking trail and digital infrastructure allegedly used in the fraud operation.
Cyber investigators say such scams are becoming increasingly sophisticated, with fraudsters using cloned websites, fake trading dashboards and impersonation techniques to target investors searching for quick profits. Many cyber gangs now operate through Telegram and WhatsApp investment groups where manipulated screenshots, fake success stories and fabricated profit statements are used to attract victims.
Renowned cyber crime expert and former IPS officer Prof. Triveni Singh said cyber criminals are increasingly exploiting the growing interest in online trading and digital investment platforms.
According to him, “Fraudsters first create trust by showing small profits and using fake financial credentials. Once the victim becomes confident, they are persuaded to invest larger amounts. Fake SEBI approvals, cloned trading portals and manipulated dashboards are now commonly being used in organized investment frauds.”
He advised investors to verify the authenticity of trading platforms, domain names and regulatory registrations before investing money online. Experts have also warned users against sharing personal financial documents on unknown websites or joining unverified investment groups circulating on social media applications.
At present, Ahmedabad Cyber Crime Police are investigating whether the fraud is linked to a larger organized cyber network operating across multiple states. Authorities suspect that several mule bank accounts and digital identities may have been used to route and conceal the siphoned funds.
