Retired Accountant Loses Rs 1.97 Crore in Stock Trading Scam
Cryptocurrency Investment Scam In Pune: Case Filed Against 6 For Cheating Youth Of ₹2.25 Crore
Ahmedabad, India – Police have started an investigation after an 88-year-old retired Chartered Accountant, Madhukant Patel, lost Rs 1.97 crore in a suspected stock trading cyber fraud.
In his complaint filed on May 14 at the Ahmedabad cyber crime branch, Patel explained that he received a WhatsApp message in early February from an unknown number. The sender, Sunil Singhania, claimed to be an assistant to a stock market expert named Karanveer Dhillon, based in Bengaluru.
Patel was added to a WhatsApp group called “Stock Vanguard 150,” where Singhania and Dhillon shared stock market tips. Patel noticed that other members of the group endorsed the tips and claimed they were making money. Trusting these endorsements, Patel decided to invest his money. Singhania instructed him to log into a website, app.alicexa.com, to start trading.
Between March 12 and April 25, Patel invested a total of Rs 1.78 crore in stocks through this website, following the tips shared in the group. Patel grew suspicious when Singhania advised him to invest in Vodafone Idea’s follow-on public offer (FPO) through the same website, promising high returns. When Patel questioned this, Singhania reassured him that he would not lose money.
The website showed that Patel’s investments had grown to Rs 5 crore. When Patel tried to withdraw Rs 1.71 crore, Singhania told him he needed to pay a 15% tax on the withdrawal. Patel paid Rs 18.70 lakh as instructed, but Singhania then demanded another 1% of the total investment before processing the withdrawal. Knowing that such charges were not standard, Patel became wary and approached the Ahmedabad cyber crime branch.
Investigating officer DB Patel confirmed that the police are probing the case, but have not yet identified or arrested the suspects. An FIR has been filed against unknown persons under several sections of the Indian Penal Code (IPC), including criminal breach of trust (406), cheating by impersonation (419), cheating (420), and criminal conspiracy (120B), as well as under section 66(d) of the Information Technology Act, which deals with cheating by impersonation using a communication device.
