Archive · 26 Jul 2026
Retired Man Loses ₹3.91 Crore in Fake Stock Scam
A 67-year-old retired man named Ashok Kumar Sharma from Bhopal, Madhya Pradesh, was tricked by cyber fraudsters.
They promised him huge returns through stock market and IPO investments.
The fraudsters used social media ads, WhatsApp groups, a fake trading app, and fake SEBI registration documents to gain his trust.
The victim transferred ₹3.91 Crore to multiple bank accounts.
When he tried to withdraw his money, the fraudsters demanded an additional 20% as processing charges.
Realizing he had been duped, he reported the incident to the Cyber Police.
The Cyber Police have registered a case and are investigating the matter.
Since November, they have received 279 complaints under the e-zero FIR initiative, with 240 cases registered involving fraud worth ₹14.86 Crore.
A 67-year-old retired man lost ₹3.91 Crore in a fake stock scam.
The fraudsters used social media ads, WhatsApp groups, a fake trading app, and fake SEBI registration documents.
The victim was promised high returns of up to 200% through stock market and IPO investments.
The victim transferred the money to multiple bank accounts between June 11 and July 9.
The fraud came to light when the victim tried to withdraw his money and was asked for additional processing charges.
- Who
- A 67-year-old retired man named Ashok Kumar Sharma
- What
- A fake stock scam resulting in a loss of ₹3.91 Crore
- When
- Between June 11 and July 9
- Where
- Bhopal, Madhya Pradesh
- Why
- The victim was lured by promises of high returns through stock market and IPO investments.
Victim's Perspective
Fraudsters' Perspective
Investment Promises
Victim's Perspective
The victim was promised high returns of up to 200% through stock market and IPO investments.
Fraudsters' Perspective
The fraudsters lured the victim with fake promises of high returns to gain his trust.
Trust and Verification
Victim's Perspective
The victim trusted the fake SEBI registration certificate and the fake trading app.
Fraudsters' Perspective
The fraudsters used forged SEBI registration documents and a fake trading app to deceive the victim.
Investment Process
Victim's Perspective
The victim was instructed to download a trading app and complete KYC by submitting his PAN details.
Fraudsters' Perspective
The fraudsters persuaded the victim to invest in IPOs and stock trading by transferring money to multiple bank accounts.
- Victim's Name
- Ashok Kumar Sharma
- Victim's Age
- 67
- Amount Lost
- ₹3.91 Crore
- Fraud Duration
- June 11 to July 9
- Fraudsters' Method
- Social media advertisement, WhatsApp groups, fake trading app, forged SEBI registration documents
- Total Fraud Cases
- 240 cases registered under e-zero FIR initiative
- Total Fraud Amount
- ₹14.86 Crore