A 49-year-old manager at the Indian Institute of Management (IIM), Ahmedabad, lost nearly Rs 50 lakh after falling prey to an online trading scam promoted through a WhatsApp group. The victim, who lives in Chandkheda, has filed a complaint with the Ahmedabad Cybercrime police.
According to The Times of India, the scam began in February when the victim clicked on a link to a WhatsApp group named “E-28 ASK Capital Circle” while browsing Facebook. Group administrators posing as financial experts offered stock market “tips” and instructed members to download a trading app called “ASKICPRO.”
Initially cautious, the manager made a small investment of Rs 25,000 on March 19 in a company called “CLARA Industries Ltd.” He was then encouraged to sell quickly and saw Rs 28,800 reflected in his in-app wallet the next day. Impressed by the early gains, he continued investing, and by March 27, his wallet balance appeared to show Rs 5 lakh.
The fraud escalated when the scammers lured him into an alleged IPO of a company named “Informative Solution SME.” After receiving a fake allotment letter, he was asked to deposit over Rs 42 lakh. Despite his concerns, he was promised an Rs 18 lakh loan in exchange for an upfront Rs 20 lakh payment. Ultimately, he transferred the full amount in phases.
Later, he was asked to pay an additional Rs 15 lakh for “capital verification.” Even after paying another Rs 10 lakh, he was unable to withdraw his funds. When he attempted to retrieve Rs 45 lakh, his app account was blocked, and he was removed from the WhatsApp group. His number was also blacklisted.
The Ahmedabad Cybercrime police have launched an investigation into the case.