A senior citizen in Ahmedabad fell victim to an elaborate scam involving fraudulent stock market investments and fake IPOs, losing ₹1.84 crore. The incident, which unfolded over several months, highlights the rising threat of online scams targeting vulnerable people.
On Friday, the complainant, 72-year-old Paresh Parshottamdas Mehta, a resident of Jodhpur area in Ahmedabad, filed a report with the Cyber Crime police station alleging that he was deceived by individuals operating through a WhatsApp group named ‘VIP A8 Jeevan Team’. According to the complaint, scammers approached Mehta using the pretext of lucrative stock market tips and investment opportunities.
As per police officials, the fraudsters gained Mehta’s trust by providing consistent and seemingly accurate stock market advice through a WhatsApp group. They encouraged him to download an application called ‘Anisha’ from the Google Play Store for trading purposes. Subsequently, they directed him to share sensitive personal and financial information, including his Aadhaar details and bank account information, to facilitate account registration.
The group purportedly included individuals claiming to be stock market experts who lured Mehta with promises of substantial profits through “block deals” and high-value IPOs. Convinced by the scammers’ claims, Mehta invested small amounts, which appeared to yield profits. Gradually, he was persuaded to invest larger sums, including a block deal worth ₹50 lakh.
The fraud came to light when Mehta attempted to withdraw a purported profit of ₹1.84 crore. The scammers demanded ₹39 lakh as a “processing fee” before releasing the profits. Sensing something amiss, Mehta consulted a friend, who warned him that it was likely a scam. Upon further investigation, Mehta discovered that the profits displayed in the app were fabricated, and the money he had transferred had been siphoned into various bank accounts linked to the fraudsters.
Cybercrime police investigation
The Cyber Crime Police have registered a case under relevant sections of the Indian Penal Code and the Information Technology Act. They are probing the involvement of multiple individuals and have traced several bank accounts used to launder the stolen funds.
Hardik Makdiya, ACP of Ahmedabad City Cyber Crime Police said, “We have secured evidence, including WhatsApp conversations, transaction details, and the application used in the scam. Apart from that we will be also tracking down money which was transferred to several bank accounts.”
What is Block Deal?
A block deal is a single trade in the stock market that involves the buying or selling of a large number of shares or a large value of shares. A block deal involves the trading of at least 500,000 shares and involves the trading of shares worth at least ₹10 crore.
Gujarat Samachar Digital encourages readers to report any suspicious financial activities to their local police station or cybercrime helpline (1930) immediately.