A 47-year-old businessman from Tankara taluka in Gujarat’s Morbi district has allegedly lost ₹84.80 lakh in an online investment scam involving a WhatsApp group and a fraudulent stock trading application. Police have registered a case against the group administrators and bank account holders allegedly connected to the transactions.
According to the complaint, the businessman was drawn into the scheme through investment advice and apparent profit figures displayed on a mobile application. The platform allegedly showed substantial gains, encouraging him to invest more money. However, when he attempted to withdraw his funds, the operators reportedly failed to return his investment or the profits shown on the app.
The case highlights the risks associated with investment schemes promoted through messaging platforms, particularly when investors rely on unverified applications and displayed returns.
How Did the Alleged Stock Trading Scam Begin?
According to the complaint filed by Vignesh Parmar, a pesticide manufacturer, the incident began in February 2025, when an unknown person added him to a WhatsApp group offering stock market investment advice.
The group’s administrators and members allegedly shared trading recommendations and investment opportunities while promising substantial returns. Parmar was subsequently encouraged to download a mobile application promoted within the group.
The application displayed investment details and apparent profits, giving the impression that his money was generating positive returns. After making initial deposits, Parmar reportedly saw gains reflected on the platform.
These displayed figures encouraged him to continue investing. However, profits shown within an application do not independently establish that genuine stock market transactions have taken place or that the funds are available for withdrawal.
How Was ₹84.80 Lakh Transferred?
The complaint states that the group administrators repeatedly encouraged Parmar to increase his investment by presenting opportunities for higher returns.
Between February 17 and March 12, 2025, he allegedly transferred a total of ₹84.80 lakh through 21 separate transactions to bank accounts maintained with multiple commercial banks.
The transfers took place over several weeks as Parmar continued following the instructions shared through the WhatsApp group.
According to the complaint, the application continued displaying apparent profits during this period. The purported earnings, however, were not paid to him when he sought to access his money.
The use of multiple receiving accounts is an important part of the investigation, as authorities examine the transactions and the individuals allegedly associated with them.
When Did the Businessman Discover the Suspected Fraud?
The suspected fraud came to light when Parmar attempted to withdraw his investment and the profits displayed on the application.
Despite his requests, the operators allegedly failed to return the funds. The situation became more concerning when the mobile application and WhatsApp group were subsequently shut down, leaving him unable to access the platform or communicate through the original channels.
The disappearance of these services prompted Parmar to seek assistance from cybercrime authorities.
The case illustrates why investors should assess the legitimacy of an investment platform before transferring money, rather than relying solely on account balances or profit figures displayed within an app.
What Action Have Police Taken?
Parmar initially reported the incident through the national cybercrime helpline and the National Cyber Crime Reporting Portal.
Following preliminary inquiries, Morbi Cyber Crime Police registered a First Information Report on Monday against the alleged WhatsApp group administrators and bank account holders connected to the transactions.
The complaint identifies the messaging group, the mobile application and the receiving bank accounts as important elements of the suspected scheme.
The information available in the supplied report does not confirm whether any suspects have been arrested, whether the operators have been identified or whether any portion of the ₹84.80 lakh has been recovered. These details remain important developments to verify as the investigation progresses.
Warning Signs of Fake Stock Trading Applications
Fraudulent investment schemes can use professional-looking interfaces, group discussions and apparent trading profits to create confidence among prospective investors. Several precautions can help reduce the risk of falling victim to such schemes.
Verify the platform: Check the broker or intermediary's registration through official regulatory sources before investing.
Be cautious of unsolicited groups: Investment recommendations shared by unknown WhatsApp or Telegram administrators should not be treated as verified financial advice.
Check withdrawals carefully: Repeated delays, unexplained restrictions or demands for additional payments to release funds are warning signs.
Verify transactions independently: Confirm that payments are going to the legitimate, verified entity rather than an unrelated personal or business account.
Preserve evidence: Keep transaction receipts, bank details, messages, screenshots and application information.
Report suspected fraud promptly: Contact the bank and official cybercrime reporting channels as soon as possible after discovering suspicious transfers.
Businesses and individuals reviewing suspected financial irregularities may also find financial investigation services relevant when examining transaction records and potential evidence of misconduct.
Conclusion
The alleged ₹84.80 lakh investment scam in Gujarat demonstrates how a combination of WhatsApp-based persuasion, a suspicious trading application and apparently growing profits can encourage investors to transfer substantial sums.
Police have registered a case following the businessman's complaint, but the identities and roles of the people behind the alleged operation, the movement of the funds and the possibility of recovery remain unresolved in the supplied report.
Investors should independently verify financial platforms and intermediaries before transferring money. Apparent profits displayed on an unfamiliar application should never be treated as proof that an investment is genuine.