70-Year-Old Chartered Accountant Duped of Rs 21 Crore in Fake Investment Portal

A 70-year-old chartered accountant from Gwalior, Madhya Pradesh, India, has lost more than Rs 21 crore (over $2.2 million) in a fake investment scam that promised high returns, according to local police.

The cybercrime branch has frozen around Rs 1.75 crore so far and is tracing the bank accounts used by the fraudsters.

Police said the scam began in late December 2025 when a woman contacted the victim on WhatsApp, posing as an investment adviser. She gained his trust with small fake profits before directing him to a fraudulent investment platform that displayed fabricated returns.

Believing the profits were genuine, the victim transferred more than Rs 21 crore over six months through more than 100 transactions from four bank accounts.

When he tried to withdraw the money, the scammers allegedly made repeated excuses and demanded several crore rupees more before releasing the funds.

The investigation is ongoing.

The case highlights a common investment scam pattern, where fraudsters use fake trading platforms and fabricated profits to build trust before blocking withdrawals and demanding additional payments. Investors should always verify a platform's regulatory status and be wary of promises of unusually high returns.