Ahmedabad: A 68-year-old tax consultant from Paldi has alleged that he was duped of over Rs 90 lakh by fraudsters who lured him into investing in bogu.

Paldi tax consultant duped of Rs 90L in fake IPO scam

68-Year-Old Tax Consultant Duped of Over Rs 90 Lakh in Fake IPO and Stock Market Scams

A 68-year-old tax consultant from Paldi, Ahmedabad, has recently become the victim of a sophisticated online scam, with fraudsters allegedly duping him of over Rs 90 lakh by luring him into investing in bogus IPOs and stock market schemes through a fake trading app.

How the Scam Unfolded

The victim was added to a WhatsApp group titled "107 Jainam Visionaries Network" after he clicked on a link sent from an unknown number in October 2025.
The group administrators, along with a person posing as a customer care executive, regularly shared investment tips, discounted IPO offers, and screenshots showing purported high returns to gain his trust.
The accused circulated alleged certificates of a Surat-based broking firm to appear legitimate.
After observing the group's activity for nearly a month, the consultant contacted the so-called customer care executive and was asked to download an app named "JAIMHNI" through a link provided by them.
Believing the scheme to be genuine, he transferred Rs 90.27 lakh in multiple RTGS transactions between November 24, 2025, and January 11, to various bank accounts shared by the accused.

The app's dashboard allegedly reflected inflated profits of over Rs 7.46 crore, and to build credibility, the fraudsters deposited Rs 1.28 lakh in his bank account. However, when he attempted to withdraw Rs 1 crore and later Rs 1.5 crore in January, the requests were declined.

The Accused Allegedly Demanded a 10% "Service Fee" on the Purported Profits

Growing suspicious, the victim contacted the actual broking firm in Surat and learnt that no such investment scheme existed. He then registered a complaint on the national cybercrime portal and approached the cybercrime police.

Police registered a case of cheating, criminal conspiracy, abetment, and criminal breach of trust under the Bharatiya Nyaya Sanhita (BNS), along with relevant sections of the Information Technology Act.
An investigation has been initiated into the matter.