An 80-year-old resident of Cox Town, Bengaluru, was defrauded of ₹2.51 crore after falling prey to a sophisticated stock investment scam initiated through a Facebook advertisement. The victim, identified as Vaidyanathan, was lured by a fraudulent promotion in January 2026 that offered stock tips and block trading opportunities in Initial Public Offerings. The advertisement falsely claimed to be associated with a prominent private bank and its securities division, leading the victim to share his personal details through a provided link.
Sophisticated Social Engineering Tactics
Following the initial contact, Vaidyanathan was approached by individuals claiming to be bank officials, including a woman identifying herself as Anvika Mehra. The perpetrators convinced him to download two mobile applications, KOTMOT and KOTPRO, which were available on the Google Play Store. These applications were designed to display fabricated real-time profits to gain the victim’s trust and encourage further capital investment. At one point, the apps showed that his initial investment had nearly doubled to ₹5 crore, which the scammers used as leverage to pressure him into depositing an additional ₹3 crore for a supposed IPO allotment.
Pattern of Fraudulent Transactions
Between February 23 and March 24, the victim executed a total of 23 transactions, transferring over ₹2.51 crore into various bank accounts controlled by the fraudsters. When Vaidyanathan attempted to seek assistance through the applications and a linked WhatsApp group posing as official support, he received no response. Cybercrime police have since registered a case under Sections 66C and 66D of the Information Technology Act, 2000, along with Section 318(4) of the Bharatiya Nyaya Sanhita, 2023. Authorities are currently utilizing digital forensic analysis to trace the transactions and identify the individuals involved.
Expert Warnings on Digital Investment
Prof. Triveni Singh, a cybercrime expert and former IPS officer, noted that social engineering through fake investment schemes has become a prevalent strategy for criminals. He emphasized that clicking on social media advertisements without thorough verification is extremely dangerous, particularly for senior citizens who may struggle to differentiate between genuine and fraudulent applications. Cybersecurity researchers stated that the immediate transfer of funds through multiple accounts is a typical tactic used to hide identities. Experts advise all investors to make financial decisions only through official websites or regulated customer support channels and to avoid any opportunities presented through unregulated social media groups.
