How A Fake Investment App Led An Elderly Man To Lose Rs 1.10 Crore

Online investment scams can begin with offers that look genuine. While fraudsters can pose as investment advisers, advertise opportunities on social media and then direct people to fake platforms or applications. A recent case from Surat involved a 71-year-old retired man who lost Rs 1.10 crore after responding to an investment advertisement on Facebook.

How The Scam Worked

After responding to the advertisement, the man was contacted on WhatsApp by people who claimed to be investment experts. They directed him to an application named Axis.apk and told him it could be used to make investments and track transactions.

The fraudsters contacted him through multiple mobile numbers and asked him to transfer money to different bank accounts for investments. He was initially allowed to withdraw up to Rs 5,000 before they asked him to transfer larger amounts.

According to a Times of India report, the complaint details 17 transactions totalling Rs 1.10 crore from November 4 to December 12, 2025. Some of the larger transfers included Rs 20 lakh on November 18, Rs 7.60 lakh and Rs 3.70 lakh on November 24 and Rs 45 lakh on December 4. The victim later realised that he had been deceived and approached the police. A formal FIR was registered by the Surat cybercrime police on September 27.

How To Stay Safe From Investment Scams

Before putting money into an investment opportunity, check the platform and the person offering it through official sources. An investment offer received through Facebook, WhatsApp or another messaging platform should not be treated as genuine simply because it appears professional. APK files shared from WhatsApp, SMS or other unofficial channels should not be installed without verifying their source. In this case, the victim was directed to an APK file presented as an investment application.

A small withdrawal or an initial profit does not establish that an investment platform is genuine. Before larger transfers were made, the victim was allowed to withdraw Rs 5,000. People should be cautious if they are asked to send money to multiple bank accounts or make additional payments for an investment or withdrawal. Banking details, OTPs and UPI PINs should not be shared with anyone claiming to manage or advise on investments.

If money has already been transferred in a suspected cyber fraud, report it through the 1930 cybercrime helpline or the National Cyber Crime Reporting Portal at the earliest.