A 71-year-old retired Army Colonel and his wife have fallen victim to an elaborate online investment scam in Bengaluru, losing nearly ₹1.98 crore to fraudsters operating a fake stock trading platform.
The couple, residents of Richards Town, told police that the fraud began in December 2025 after the Colonel’s wife saw a social media advertisement promising “guaranteed high returns.” After contacting the number in the ad, she was approached by a woman who identified herself as “Swati Verma” and claimed to represent a well-known stock market expert.
To build trust, the fraudsters added the couple to a WhatsApp group with over 60 members. The group regularly shared profit updates, stock tips, and screenshots of successful trades. This activity convinced the couple that the investment scheme was genuine.
The couple was then asked to download a trading app named ‘Stokohni’ from the Google Play Store. The app was presented as a legitimate investment platform. Between December 16, 2025 and January 5, 2026, the couple transferred a total of ₹1.98 crore to multiple bank accounts shared through the app.
The fraud escalated further on December 31, when the app displayed a message stating that a “trading loan of ₹40 lakh” had been activated and needed to be cleared before any withdrawals. Believing this to be part of the process, the couple paid the amount.
On January 9, when they tried to withdraw their funds, they were told that another ₹70 lakh was pending as loan liability. This raised doubts about the platform’s authenticity.
On January 12, the couple contacted what they believed was the platform’s official support team. They were informed via email that the ‘Stokohni’ app and the entire investment operation were fraudulent.
The victims then approached the Bengaluru Cyber Crime Police, who registered an FIR under relevant sections of the IT Act and the Bharatiya Nyaya Sanhita for cheating and impersonation. Investigators are now tracing the digital and banking trails linked to the fraud.
The Future Crime Research Foundation highlighted the case as an example of how fake trading apps are entering official app stores, making it harder for users to spot fraud. The organisation warned that cybercriminals are increasingly misusing the names of well-known investors to gain credibility and target retirees and unsuspecting individuals.
Authorities have urged citizens to verify investment platforms, avoid unsolicited advice on messaging apps, and stay away from schemes promising “guaranteed returns.”
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