A 77-year-old retired businessman from Bodakdev was duped of ₹35.75 lakh by cyber fraudsters posing as ICICI Securities representatives, who promised high returns through a fake investment platform.
The victim, Shyamsunder Malpani, received a WhatsApp message in July 2025 from an unknown number claiming to be from “ICICI Securities Group.” He was added to a WhatsApp group where scammers shared fake profit screenshots and investment tips to appear legitimate.
After gaining his trust, the accused directed him to deposit money into several accounts between July and August 2025. Malpani transferred ₹35.75 lakh in total, receiving small “profits” initially to maintain the illusion of authenticity. When his withdrawal requests were ignored, he realised it was a scam and filed a complaint with the Ahmedabad Cyber Crime Police.
Police have registered a case under cheating, conspiracy, and IT Act provisions. Investigators believe the gang may have defrauded several other elderly investors across Gujarat using similar fake online investment schemes.