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 clicked on a stock investment advertisement on social media. He was subsequently added to a 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.