A 52-year-old senior manager employed with Larsen & Toubro Construction Ltd in Ahmedabad has allegedly been cheated of more than ₹74 lakh by cyber fraudsters who posed as investment advisors linked to ICICI Securities and lured him into a sophisticated fake stock trading racket.
The victim, identified as Laxman Natarajan, a resident of Sabarmati originally from Maharashtra, approached the Ahmedabad Cyber Crime Police after realising that the online investment platform he had trusted was allegedly part of an elaborate fraud network.
Added to WhatsApp Investment Group
According to police, the scam began in December 2025 when Natarajan was added from an unknown number to a WhatsApp group named “ICICI Securities S05”.
Investigators said the group regularly shared stock market tips, investment advice and trading-related discussions to create the impression of a legitimate financial advisory forum.
The complainant told police that individuals identifying themselves as “Ashwin Parekh” and “Prachi Shrivastav” frequently interacted with him and gradually persuaded him to invest through what appeared to be ICICI Securities-linked online trading platforms.
Fake Websites and Forged SEBI Documents
Police said the accused allegedly shared website links including “iciciqio.com” and “icici-qib.com”, which closely resembled genuine financial trading portals.
The victim was allegedly asked to create an account by submitting sensitive personal and financial information, including his Aadhaar card, PAN card, bank account details, mobile number and investment preferences.
To further gain his confidence, the fraudsters allegedly circulated forged documents carrying fake SEBI logos, fabricated registration certificates and other fraudulent paperwork claiming regulatory approval.
The accused allegedly promised returns ranging between 15 and 25 per cent through investments in stock market trading and special share allotments.
Small Initial Profit Built Trust
According to investigators, Natarajan initially invested ₹10,000 and was allegedly shown a small profit on the online dashboard.
Police said this apparent early return convinced the victim that the platform was genuine.
Over the next month, between December 18 and January 18, the complainant allegedly transferred money through dozens of transactions into multiple bank accounts provided by the accused.
In total, he allegedly transferred ₹74.02 lakh through 62 separate transactions.
Communication Stopped After Withdrawal Request
The fraud allegedly came to light when the victim later attempted to withdraw both his invested amount and the profits reflected on the portal.
Police said the accused initially delayed the payment process on various pretexts, including technical issues and verification procedures, before eventually cutting off all communication entirely.
Realising he had been duped, the complainant contacted the national cybercrime helpline 1930 and also submitted complaints through the National Cyber Crime Reporting Portal before formally approaching the Ahmedabad Cyber Crime Police Station.
Police Begin Digital Trail Investigation
Ahmedabad Cyber Crime Police have now registered a case of online cheating, criminal conspiracy and breach of trust against unidentified persons involved in the fraud as well as the holders of the bank accounts used for receiving the funds.
Investigators are currently tracing the digital trail, including mobile numbers, IP records, banking transactions and online payment channels linked to the alleged cyber fraud syndicate.
Rising Trend of Fake Trading App Scams
Cybercrime officials have repeatedly warned investors against fraudulent trading groups operating through WhatsApp, Telegram and social media platforms.
In many such scams, fraudsters impersonate reputed financial institutions, display fake profit dashboards and initially allow small withdrawals to build trust before convincing victims to invest large amounts.
Police have advised citizens to verify all investment platforms directly through official company websites and to avoid transferring funds based solely on social media investment advice or messaging app groups.
Also Read: Ahmedabad-Techie Loses Rs 1.34 Crore In Cyber Fraud https://www.vibesofindia.com/ahmedabad-techie-loses-rs-1-34-crore-in-cyber-fraud/
