Nagpur: In a major case of cyber fraud targeting senior citizens, a retired official of State Bank of India (SBI) was cheated of Rs 1.6 crore by online scammers who lured him with the promise of massive profits from share trading. The case has raised alarm over the growing trend of cybercriminals preying on retired professionals and senior officials in Nagpur.
According to the complaint filed with the Cyber Police, the victim, a resident of Wardha Road in the city, received a WhatsApp message on April 18 from a woman identifying herself as Isha Arora. She invited him to join a stock trading group managed by a man named Ajay Krishna, who posed as a “gold stock mentor.” Inside the group, Krishna shared investment tips and promised high returns, convincing the retired officer to trust the scheme.
Gold Rate
27 Sept 2025
On July 3, the victim opened a demat account and made an initial investment of Rs 50,000. Within days, the account appeared to show a 5% profit, encouraging him to invest further. On August 21, he was advised to purchase 2,58,332 shares priced at Rs 120 each, an investment worth nearly Rs 4 crore. At that time, his account balance was Rs 1.92 crore, which he promptly invested.
Soon after, the fraudsters falsely claimed that his transaction violated Securities and Exchange Board of India (SEBI) regulations and threatened him with legal action and imprisonment. They then proposed a “solution” by arranging a loan of Rs 87 lakh. However, when the victim attempted to sell the shares, the scammers demanded additional payment under the guise of “capital gains tax.” When he requested official documents, they refused to provide any, prompting him to realise he had fallen victim to a scam.
The victim lodged an online complaint on September 21. Acting swiftly, Senior Police Inspector Baliram Sutar and his team at the Cyber Police Station launched an investigation and coordinated with multiple banks. Their efforts led to the freezing of Rs 54 lakh linked to the fraudsters’ accounts.
A case has been registered against four individuals, and further investigation is underway to identify and apprehend the culprits.
Police have once again urged citizens, particularly retired professionals, to remain vigilant and avoid investing money based on unsolicited messages or unverified online groups promising quick profits.
