The Ahmedabad Cyber Crime Police have registered a case after a 62-year-old retired professional from Navrangpura was cheated of over 60 lakh in an elaborate stock trading scam.
According to a media report, the victim, Ankit Manharlal Modi, was first contacted in January 2025 by a man identifying himself as Rajiv Mehta, claiming to be Chief Investment Officer of FYERS Securities, Mumbai. Through calls and WhatsApp messages, the fraudsters convinced Modi that he was being enrolled as a High Net Worth Individual (HNI) client with access to exclusive IPOs and share market opportunities.
The accused allegedly made Modi download a fake app named FYERS HNI, which displayed fabricated profits and IPO allotments, including shares worth 1.5 crore in firms like Savvy Infra and Monarch Surveyors. Believing the claims, Modi transferred 60.67 lakh between July 21 and August 20, 2025, into various bank accounts across India.
Despite the app showing inflated profits of nearly 80 lakh, the fraudsters refused withdrawals, citing “account security” and “capital gains tax”. They also sent a forged SEBI letter to appear credible. When Modi resisted further payments, communication stopped.
He later approached the cyber helpline (1930) and filed a complaint. An FIR has been registered under the Bharatiya Nyaya Sanhita and IT Act for cheating, forgery, conspiracy and identity concealment. Police are tracing the bank accounts and mobile numbers used.
Officials urged citizens to be cautious about investment offers on WhatsApp and to verify firms only through their official websites.