In a major case of online fraud, a 45-year-old resident of Adani Shanti Gram in Ahmedabad has reported losing ₹1.68 crore after being trapped in a fake stock investment scheme.
According to police sources, the victim was added earlier this year to a WhatsApp group named ‘VIPS Stock Sharing Group.’ The accused later used another group called ‘Victory Vanguards2’ to gain his trust by sharing screenshots of fake profits and investment advice.
Investigations revealed that the fraudsters hid their real identities and posed as ‘Vikas Sharma’ and ‘Michael Collins.’ They contacted the victim through multiple international phone numbers and directed him to register and invest using an app called ‘Geosphere.’
Police said the victim was convinced to transfer money into different bank accounts under the pretext of investment. Between February and March, he sent large amounts in multiple installments. The accused built trust by showing fake profit screenshots and promising high returns, which led him to invest significant sums.
The fraud was discovered when the victim discussed the matter with his family, who raised concerns. He then contacted the National Cyber Crime Helpline (1930) and filed a complaint with the cybercrime police station.
Authorities confirmed that the victim invested a total of ₹1.68 crore but did not receive any returns. The accused also demanded more money, citing reasons such as withdrawal processing fees.
Police have registered a case and started an investigation. Officials are tracking the accused, analysing bank accounts, and examining the digital transaction trail.
Cybersecurity experts said such scams often rely on social engineering and fake profit claims. They advised people to verify the authenticity of investment apps and WhatsApp groups and to conduct proper checks before making financial transactions.
Residents noted that similar online investment fraud cases have been rising in the city in recent years. They urged families to stay alert and cautious.
The cybercrime team is currently reviewing accounts and working to identify those involved. The full extent of the fraud and the number of victims will be known after a detailed investigation.
Experts warned that without timely control, cyber fraud could lead to major financial losses for both large investors and common citizens. They stressed the need for caution and thorough verification when investing online.
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