Rajkot: A 47-year-old pesticide manufacturer from Tankara taluka of Morbi district was allegedly defrauded of Rs 84.80 lakh after being lured into a fraudulent stock trading scheme operated through a messaging group and a deceptive mobile application.According to the police complaint filed by Vignesh Parmar, the scam began in Feb 2025. Parmar stated that he was added by an unknown user to a WhatsApp group where group administrators and members regularly shared stock market tips and promises of high short-term returns.Parmar downloaded an application mentioned in the group which displayed investment opportunities and simulated profits. The application showed substantial gains shortly after he made his initial deposits.Parmar was prompted by the group administrators to make further investments. Over several weeks — between Feb 17 and March 12, 2025 — Parmar transferred Rs 84.80 lakh in 21transactions to accounts in multiple commercial banks.The fraud came to light when Parmar attempted to withdraw his funds and profits. The perpetrators failed to return the invested principal or purported gains, subsequently shutting down the application and chat group.Parmar initially reported the incident via the national cybercrime helpline and National Cyber Crime Reporting Portal (NCCRP). Following preliminary inquiries, Morbi Cyber Crime police station registered an FIR on Monday against the administrators of a WhatsApp group and associated bank account holders.
