Ahmedabad: A 35-year-old businessman from Naroda has alleged that cyberfraudsters posing as representatives of Axis Securities duped him of over Rs 50 lakh by luring him with promises of high returns through a fake investment platform. The victim approached the Cybercrime police on Saturday after failing to recover either his investments or the profits shown on the trading application.According to the FIR, the complainant, who runs an elevator manufacturing firm in Kathwada, came across an Instagram reel in Jan carrying the name of Axis Securities. After clicking on a link, he was added to a WhatsApp group where members purportedly shared testimonials about earning substantial profits through stock market and IPO investments.Soon, a woman identifying herself as “Neelam Dhawan” contacted him on WhatsApp and claimed to be an executive with Axis Securities. She allegedly guided him to register on a website carrying the Axis Bank logo and branding, leading him to believe it was a genuine investment platform.The businessman initially invested Rs 5 lakh in a bank account provided through the platform’s customer support. He was later able to withdraw Rs 1,000, which boosted his confidence and prompted him to invest larger amounts.Between Jan 30 and April 9, he transferred Rs 50 lakh in multiple instalments into accounts held with various banks. The application reflected steady gains and eventually showed his portfolio value at Rs 1.6 crore, the FIR stated.When he attempted to withdraw the amount, the request remained pending. The suspects allegedly told him that he first needed to pay a 10% “subscription commission” and later an additional 6% “subscription tax” before the funds could be released. Believing the demands to be legitimate, he paid Rs 12.2 lakh and Rs 7.2 lakh. The platform allegedly issued certificates carrying the Axis Bank logo to support its claims.Despite these payments, the funds were not released. Instead, the fraudsters allegedly demanded another Rs 5 lakh for processing the withdrawal, prompting the businessman to suspect foul play.He contacted the National Cyber Crime Helpline on April 15 and later filed a formal complaint. A case has been registered against unidentified persons for cheating, criminal conspiracy and offences under the Information Technology Act.
