Indian Manager Loses ₹16.8 Million in Sophisticated Online Investment Scam

A 45-year-old manager working for a commercial group in Ahmedabad of Indian has fallen victim to an elaborate online investment scam, losing a total of ₹16.8 million (approximately $169,413).

It is reported that, the victim, a resident of the Hodiyar area, was first added to a messaging group in January where members frequently shared stock market insights and screenshots of high returns. Several participants claimed to have earned substantial profits, creating a false sense of legitimacy and trust.

Soon after, the victim began receiving calls from individuals posing as investment advisors and client managers. They persuaded him to download a mobile application and open a trading account. Under the pretext of completing registration and verification procedures, the fraudsters also collected his personal information.

Between February 25 and March 13, the victim was instructed to transfer funds multiple times to various bank accounts, ultimately amounting to ₹16.8 million(approximately $169,413). He was told that the money would be invested in stock market instruments and initial public offerings (IPOs) through the app.

Police said the application displayed steadily increasing profits, which further convinced the victim to continue investing. At one point, he was urged to deposit additional funds to participate in an IPO. However, when he was unable to arrange more money, he began to question the scheme’s authenticity.

After discussing the situation with his family, the victim realized he had been defrauded and subsequently filed a formal complaint with cybercrime authorities.