60-Year-Old Investor Conned Out Of ₹1.06 Crore In Online Trading Fraud

Bhopal (Madhya Pradesh): Cyber criminals allegedly cheated a 60-year-old man of more than Rs 1.06 crore by promising returns of high returns through stock market trading and IPO investments.

The Cyber Crime Branch on Sunday registered a case against unidentified fraudsters and launched an investigation.

The complainant, Lakhanlal Uike, a resident of Suraj Nagar, said he was contacted through WhatsApp in April 2025 by a woman who introduced herself as an assistant associated with a trading advisory platform.

He was subsequently added to a WhatsApp group where administrators claimed to be experts in bulk trading and IPO investments, assuring investors of returns of up to 10% per day.

After the victim agreed to invest, the fraudsters directed him to register through an online link and download a trading application, where an account was created in his name. Initially, he deposited Rs 1 lakh.

The application displayed profits and growing investments, convincing him that the platform was genuine.

The victim continued transferring money in multiple instalments to various accounts provided by the fraudsters on different allurements. However, he was suspicious when he attempted to withdraw his funds and was repeatedly asked to deposit additional amounts.

The fraudsters warned that failure to make further payments would result in the loss of previously invested money.

When he tried contacting the group administrators and members, none responded and all communication remained limited to WhatsApp chats.

Police said the scam involved more than 100 mobile numbers, a fake trading application and multiple accounts used to siphon off the money.