Claiming to be stock market experts, the suspects initially persuaded him to invest Rs10,000, for which he received Rs12,000 in return. Over the following two weeks, the suspects showed him fictitious profits on the application, prompting him to invest larger amounts. Believing the platform to be legitimate, the victim transferred money for shares and IPO investments, totalling Rs17,07,594.

Indore News: Over ₹17 Lakh IPO Scam Dupes Retired Banker

Indore (Madhya Pradesh): A 71-year-old retired bank official was allegedly duped of about Rs17.37 lakh after being lured with promises of high returns on stock market and IPO investments under the Sanyogitaganj police station limits.

According to police, the victim, a resident of Parsi Mohalla, fell prey to a scheme that began with a misleading social media advertisement. On March 2, he clicked on an advertisement for 5 Paisa Capital and downloaded its application.

Soon after, he began receiving calls from five different numbers, with callers identifying themselves as Shalini Thakur and Gaurav. Claiming to be stock market experts, the suspects initially persuaded him to invest Rs10,000, for which he received Rs12,000 in return.

Over the following two weeks, the suspects showed him fictitious profits on the application, prompting him to invest larger amounts. Believing the platform to be legitimate, the victim transferred money for shares and IPO investments, totalling Rs17,07,594.

The fraud came to light when the victim attempted to withdraw his money but was unable to do so. When he tried to contact them, the suspects stopped responding and blocked his number.

Police registered a case against unidentified suspects under relevant sections of the Bharatiya Nyaya Sanhita (BNS), and further investigation is underway.