Retired Man Loses ₹3.91 Crore in Fake Stock Scam

A 67-year-old retired resident of Bhopal, Ashok Kumar Sharma, lost ₹3.91 crore in an elaborate fake stock market and IPO investment scheme.

The fraud began in May when Sharma encountered an investment advertisement on social media. Subsequently, a woman identified as Ananya Kulkarni, posing as a private stock trading firm official, contacted him via WhatsApp.

Kulkarni promised returns of up to 200% and presented a fabricated SEBI registration certificate to establish credibility. Sharma was then added to a WhatsApp group and instructed to download a fraudulent trading application named FSPL Smart.

After submitting his PAN details for KYC, Sharma was persuaded to invest in IPOs, the primary market, and stock trading. He made multiple RTGS and online transactions totaling ₹3,91,25,538.26 between June 11 and July 9 to various bank accounts.

Fraud Uncovered Through Exorbitant App Balance

The deceptive nature of the scheme became apparent when the fake app displayed Sharma’s investment had grown to an astonishing ₹62.31 billion.

Upon attempting to withdraw this substantial sum, the fraudsters demanded an additional 20% of the displayed amount as processing charges. Realizing he had been duped, Sharma promptly reported the incident to the Cyber Police.

A case has since been registered against unidentified individuals, and an investigation into the matter is currently underway.

Rising Tide of Cyber Fraud in the Region

This incident underscores a concerning increase in cyber fraud cases across the region. Cyber Police officials reported receiving 279 complaints under the e-zero FIR initiative.

These complaints were lodged between November 10, 2025, and June 2026, leading to the registration of 240 cases. The total amount involved in these registered fraud cases collectively reached ₹14.86 crore.