Indore octogenarian duped of Rs 52 lakh in online investment scam

Indore: An 85-year-old man was duped of Rs 51.8 lakh in an online investment scam after fraudsters posing as representatives of a reputed financial services firm lured him with promises of high returns from stock market investments.

MIG police said that on the complaint of the octogenarian, a resident of Anurag Nagar, a case was registered. Police said that they met the complainant on Tuesday and recorded his statement regarding the alleged fraud.

ACP Himani Mishra said that the man received a WhatsApp call on April 18 from a woman who identified herself as Shivani and claimed to be a manager associated with a famous stock advisory firm.

During the conversation, she told him that the company provided investment ideas, stock market insights, IPO updates and other financial guidance through a dedicated online group. To gain his confidence, she also shared the purported location of the company’s Mumbai head office.

The woman subsequently added him to an online group named “AR Deposit Servicing Group” and sent him a link, claiming it would be used to create an investment account. Believing the offer to be genuine, complainant initially deposited Rs 1.10 lakh.

Police said he was repeatedly shown details of purported profits and daily stock market movements, encouraging him to increase his investments. Over the following weeks, he transferred a total of Rs 51.8 lakh into more than a dozen different bank accounts provided by the fraudsters.

The scam came to light on May 26 when the man attempted to withdraw Rs 14 lakh from the investment account. He was allegedly informed that the withdrawal could not be processed because his account’s credit score was insufficient. When he contacted the numbers provided by the group, he failed to receive any satisfactory response.

Realising he had been cheated, the elderly man approached the cyber helpline and lodged a complaint. Police have initiated action and are tracing the bank accounts and individuals involved in the fraud.

Cyber safety tips for investors

• Verify credentials of any investment advisor or firm through official sources before transferring money

• Unsolicited calls, WhatsApp messages or social media invitations offering investment opportunities should be treated with caution

• Promises of exceptionally high or guaranteed returns are often a warning sign of fraud

• Transfers to multiple bank accounts in the name of a single investment scheme warrant extra scrutiny

• Investment platforms & apps should be checked for authenticity through official company websites and regulatory records

• A small test withdrawal can help establish whether an investment platform is genuine before committing larger sums.

• Requests for urgent deposits or repeated additions of funds should raise suspicion

• Profit screenshots, account statements and trading dashboards can be manipulated and should not be accepted as proof of genuine returns.

• Personal banking details, passwords and OTPs must never be shared with unknown individuals.

• Suspicious transactions or investment schemes should be reported immediately to cyber helpline 1930 or National Cyber Crime Reporting Portal