Morbi Businessman Loses ₹1.54 Cr in Fake IPO Scam
By Business Desk
A Morbi businessman lost ₹1.54 crore to a sophisticated fake IPO investment scam. Learn how fraudsters operate and protect yourself from similar schemes.
It’s a tough lesson for anyone eyeing quick returns: a 46-year-old ceramic tiles businessman from Morbi recently lost a staggering ₹1.54 crore in a fake IPO investment scheme. This incident underscores just how cunning cyberfraudsters can be, using sophisticated tactics to lure unsuspecting investors.
How the Scam Unfolded
The businessman’s ordeal began with a WhatsApp message from someone identifying as Ananya Srinivasan, who promised impressive returns on upcoming Initial Public Offerings. This initial contact quickly escalated into a more elaborate scheme designed to build false trust.
- Lost Amount: The businessman was duped of ₹1.54 crore.
- Total Transferred: He transferred a total of ₹1.58 crore to various bank accounts.
- Returned Amount: Only ₹4 lakh was returned to him.
- Transaction Period: Funds were transferred between July 25 and August 5, 2026.
You might be wondering how such a large sum could be lost. The fraudsters convinced him to download a mobile application called ‘EXSECMAX’ and join a WhatsApp group named ’16 Wealth Growth Community’. The app then displayed fabricated profits, making the investment scheme appear legitimate and highly successful.
What Authorities Are Doing
Realizing he had been cheated, the businessman promptly filed a complaint with the Morbi cybercrime police. Authorities have since registered a case under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act.
Currently, the police are actively tracing the numerous bank accounts, mobile numbers, and financial transactions involved to identify the culprits. Their goal is to track the money flow and bring those responsible to justice, hopefully preventing others from falling victim to similar scams.
This incident serves as a crucial reminder for you to always verify investment opportunities independently. Be especially wary of unsolicited messages and apps promising guaranteed high returns, as they are often red flags for fraudulent schemes.