Ad leads 73-yr-old retired banker into ₹91L investment trap

Ahmedabad: A 73-year-old retired banker from the city has allegedly lost nearly Rs 91 lakh on an unregistered online trading platform, which he accessed after coming across an advertisement on YouTube. The man filed a complaint with Cybercrime police on Saturday after his repeated attempts to withdraw the money invested over six months as well as the “profits” promised on it failed.

According to the complaint, the man had seen YouTube ads on stock market investments, featuring prominent personalities from the finance and technology sectors. In Nov 2025, he clicked on one such advertisement and was directed to a page where he was asked to fill in personal details and open an account on a trading platform.

Soon, individuals claiming to be investment advisors and portfolio managers contacted him on WhatsApp, allegedly persuading him to begin investing through the platform. Allegedly assured of substantial returns, the complainant transferred small amounts through UPI transactions and was shown profits on the platform.

Over the next several months, the fraudsters allegedly convinced him to make larger deposits through RTGS and bank transfers into multiple accounts with different banks. Police said the victim transferred money between Nov 2025 and April 2026 through several transactions ranging from a few thousand rupees to Rs 18.5 lakh at a time.

The complainant stated that the platform displayed ‘profits’ and later showed $25,372 credit to his trading account. When he tried withdrawing the funds, he was allegedly told his account had been frozen. He then began receiving emails and WhatsApp messages demanding additional payments towards purported “capital gains tax” and “processing charges” to release the funds. Believing the claims, the complainant said he transferred more money, totalling Rs 90.9 lakh, but received only about Rs 22,000 back through two small credits, which investigators believe may have been sent to win his trust.

When the accused stopped taking his calls or responding to messages, the man realised he had been cheated, and contacted the national Cybercrime helpline and on Saturday lodged a formal complaint.

Cyber Crime Police have registered a case and initiated an investigation to trace the WhatsApp users, bank account holders and others involved in the alleged fraud.