83-year-old retiree loses Rs 1.19 crore in fake IPO scam

Synopsis

An 83-year-old Mumbai man lost Rs 1.19 crore in an online stock scam after joining a fake WhatsApp group posing as ICICI advisors. Lured by false profit promises and fake documents, he transferred funds before realising the fraud. A cybercrime FIR has been filed; investigation is ongoing.

An 83-year-old retired man from Dadar, Mumbai, has fallen prey to a sophisticated online stock investment scam, losing Rs 1.19 crore after being lured by fraudsters posing as financial advisors.

The incident began on March 10, when the senior citizen clicked on a stock investment advertisement on social media. He was subsequently added to a WhatsApp group named G-5 ICICI Stock Exchange Group, which appeared to be managed by two individuals identified as Vinita Patodia and Ashwin Parekh. The group, with over 90 members, frequently posted messages boasting of high returns from stock trades.

On April 2, Patodia privately messaged the victim, asking if he was interested in investing. After he agreed, she sent him a registration link. Soon after, a person named Pranay Warma contacted him and, referencing Patodia, persuaded him to invest Rs 7.5 lakh as an initial amount.

Over the following weeks—between May 2 and May 23—the victim made multiple transfers to various bank accounts, believing he was investing in IPOs. The scammers sent fake documents and screenshots showing inflated virtual returns to gain his confidence.

When he requested a payout, the fraudsters demanded a 10% commission on the supposed profits. His suspicion grew after his messages and calls began going unanswered. He then consulted a friend, who confirmed it was a scam.

The victim filed a complaint via the National Cybercrime Reporting Portal (1930), and the case has since been transferred to the Cyber Police (Central Division). An FIR has been registered under relevant sections of the Bharatiya Nyaya Sanhita and the Information Technology Act. Investigations are ongoing.

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