Senior Citizen Duped Out Of Rs 16 Lakh In Share Trading Fraud: How The Scams Target Retirees

Senior citizens are the primary targets for digital fraudsters. They are perceived to possess accumulated savings and assets, and due to less familiarity with the digital threats, can easily be tricked. Recently, a senior citizen from North 24 Parganas was duped of Rs 16 lakh in a fraud perpetrated by fraudsters by assuring the elderly a profit from stock investments. The fraudsters were audacious enough to attract people through social media advertisements. The elderly also got trapped when, while scrolling, he saw the advertisement on Facebook on November 20, 2025.

The post was about stock trading. Out of curiosity, he clicked on the post, and he was then automatically added to a WhatsApp group, as per a report by the Times of India. The members in the group identified themselves as investment advisors with a recognised trading platform.

As the typical modus operandi, the fraudsters took the elderly at their word to invest with them to make money. They even show him a fake digital platform, fake dashboards, counterfeited documents, and even Securities and Exchange Board of India (Sebi) registration details.

They convinced the senior citizen to invest money and asked him to download a fake trading app.

The victim did as they told. He initially made four transactions and transferred Rs 12.2 lakh to different bank accounts, where fraudsters asked him to transfer the money. Later, he was added to a different WhatsApp group that claimed to represent a different stock holding company. He transferred Rs 3.8 lakh to another bank account as per their suggestions.

While doing all this, it never occurred to him that it could be a fraud.

And, as a typical digital fraud case, when he tried to withdraw the profits, he wasn’t able to withdraw his money. For withdrawal, fraudsters asked him to pay more money toward service charge. They tried to lure him again to invest in an IPO to make bigger profits.

When he didn’t make the payment, his access was blocked. This is when he realised that he had been duped out of a total of Rs 16 lakh of his savings.

He found out that everything, starting from the WhatsApp group members, the app, documents, and Sebi registration details, was fake. He then informed the police.

Scams Targeting Seniors: What To Do

Fraudsters have been using the same modus operandi for a long time to trick people. Sometimes they play on the emotion of greed (stock market trading for huge profits), other times on fear (digital arrest for involvement in money laundering and other illegal activities). Their tricks could also be completely different, such as promising a job, sextortion, fake calls sounding like a family member in urgent need of money, etc. Many a time, fraudsters also create urgency to use pressure tactics on victims, like an unbelievable deal, an unrealistic profit, a too-good-to-be-true offer, and so on.

So, always notice urgency, think about the reason they are asking for money, and ensure that it’s genuine before making the final transfer.

Further, don’t share personal details, never click links from unverified sources on social media, and exit from the groups you have been added to without your permission.

In case a fraud happens, don’t delay informing the police and cyber cell at phone number 1930, immediately.