In yet another case highlighting the growing threat of cyber investment scams in India, a retired engineer from Ghaziabad was defrauded of ₹75 lakh by cybercriminals posing as foreign investment advisors. The scammers lured the victim by offering high returns on investments in the U.S. stock market, using a fake platform named ifaxcapital.com and its associated mobile application.
The incident has once again raised concerns over the vulnerability of senior citizens to digitally orchestrated financial frauds, especially those that exploit their desire for post-retirement financial security.
Modus Operandi: Fake Advisors, Fake Demat, and False Profits
According to the complaint filed with the Ghaziabad Cyber Police, the retired engineer was approached by individuals claiming to be international financial advisors. They persuaded him to invest in the U.S. stock market through their so-called trading platform ifaxcapital.com.
As part of the scam, the victim was instructed to open a Demat account via the app, after which he made his initial investment. To build trust, the fraudsters showed an artificial profit of $1,300 (approx. ₹1.08 lakh) on the first transaction. Encouraged by the apparent returns and reassured by the professional appearance of the platform, the victim began investing larger amounts over time.
Eventually, the total investment reached ₹75 lakh, comprising the retired engineer’s life savings and retirement corpus.
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The Realization and Police Investigation
The fraud came to light when the victim tried to withdraw his funds, only to find that the app stopped responding, and all communication channels had gone silent. Repeated attempts to contact the so-called advisors failed, and the withdrawal request remained unprocessed. Realizing he had been duped, the engineer approached the Cyber Police Station in Ghaziabad to file an official complaint.
Police have registered a case and launched a full-scale investigation. According to officials, they are analyzing call records, WhatsApp chats, bank transactions, and digital trails left by the app and website. Preliminary investigations suggest that the scammers may be part of an international cyber fraud ring targeting Indian investors with fake platforms promising high returns.
The ifaxcapital.com domain and app are being examined for server origin, hosting details, and possible links to other ongoing scams.
Police Advisory: Verify Before You Invest
The Ghaziabad Cyber Police has issued a public advisory urging citizens—especially the elderly and retired individuals—to conduct thorough due diligence before investing in any online financial scheme. They have emphasized the importance of verifying the authenticity of investment platforms, mobile apps, and financial advisors.
The police further advised the public to:
- Check if the platform is SEBI-registered or recognized by Indian regulators.
- Avoid installing unknown financial apps or making large transactions without cross-verification.
- Report suspicious platforms immediately on the National Cyber Crime Reporting Portal (cybercrime.gov.in) or call the helpline 1930.