Bengaluru: A 71-year-old retired Army Colonel and his wife have been cheated of nearly ₹1.98 crore in an elaborate online investment fraud that surfaced in Bengaluru. The accused allegedly lured the couple into investing through a fake stock-trading platform and later vanished after draining their life savings.
The victims, residents of Richards Town, told police that the fraud began in December 2025, when the Colonel’s wife came across a social media advertisement promising “guaranteed high returns.” On contacting the number provided, she was approached by a woman identifying herself as “Swati Verma,” who claimed to represent a reputed stock-market expert.
Trust built through WhatsApp group
To appear legitimate, the fraudsters added the couple to a WhatsApp group with over 60 members, where regular updates of profits, stock tips and screenshots of successful trades were shared. The group activity convinced the couple that the scheme was genuine.
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They were then asked to download a trading application called ‘Stokohni’ from the Google Play Store, which was presented as an authentic investment platform. Between December 16, 2025 and January 5, 2026, the couple transferred a total of ₹1.98 crore into multiple bank accounts provided through the app.
Fraud escalated under the guise of ‘trading loans’
The scam did not end there. On December 31, the app generated a message claiming that a “trading loan of ₹40 lakh” had been activated in their account, which had to be cleared before further trading or withdrawals. Believing it to be a standard platform procedure, the couple deposited the amount.
On January 9, when they attempted to withdraw funds, they were told that another ₹70 lakh was outstanding as loan liability. This raised their suspicion, prompting them to verify the platform’s authenticity.
Official support confirms the app was fake
On January 12, the couple contacted what they believed to be the platform’s official support team. They were informed via email that the ‘Stokohni’ app and the entire investment scheme were fraudulent.
Following this, the victims filed a complaint with the Bengaluru Cyber Crime Police, who have now registered an FIR under relevant sections of the IT Act and the Bharatiya Nyaya Sanhita (BNS) for cheating and impersonation. Investigators are currently tracking the digital and banking trail of the fraud network.
Future Crime Research Foundation flags rising threat
The Future Crime Research Foundation (FCRF) has highlighted the case as a growing example of how fraudulent trading apps are infiltrating official app stores, making it harder for investors to distinguish between legitimate and fake platforms.
According to FCRF, cyber-criminals are increasingly using the names of well-known investors and financial experts to build credibility, thereby targeting unsuspecting individuals and retirees.
Advisory for investors
Cyber Police and FCRF have urged citizens to:
- Verify the authenticity and regulatory status of investment platforms before transferring money
- Avoid acting on unsolicited investment advice shared via WhatsApp or Telegram groups
- Stay away from schemes promising “guaranteed returns”
The Bengaluru incident once again underlines the sophistication of cyber-fraud networks that exploit trust and technology to inflict massive financial losses. Authorities are continuing their probe into the organized racket behind the scam.
