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Senior Citizen Cyber Fraud: A Cautionary Tale
Cyber fraud continues to rise, with scammers increasingly targeting vulnerable individuals, particularly senior citizens. In a recent case, a 72-year-old elderly from Ahmedabad, lost ₹1.84 crore to an elaborate online scam involving fake stock market investments and fraudulent IPOs. This incident underscores the urgent need for awareness and digital security and broader understanding of investment returns among the elderly population.
How the Scam Operated
This elderly was approached by fraudsters through a WhatsApp group called ‘VIP A8 Jeevan Team.’ The scammers provided stock market tips and encouraged to download an application named ‘Anisha’ for trading. They requested sensitive financial and personal information, including Aadhaar and bank details, under the guise of account verification.
Initially, the scammers gained the trust by showing small but consistent profits. As confidence grew, the elderly invested larger amounts, eventually participating in a block deal worth ₹50 lakh. However, when attempted to withdraw the supposed profits, the fraudsters demanded an additional ₹39 lakh as a “processing fee.”
How the fraud unfolded
Sensing something suspicious, the elderly consulted a friend, who confirmed that he had fallen victim to a scam. Upon further investigation, it was revealed that the displayed profits were fabricated, and the funds had already been transferred into multiple accounts controlled by the fraudsters.
Cybercrime Police Investigation
The Ahmedabad Cyber Crime Police have launched an investigation and have traced several bank accounts linked to the scam. Officers are analyzing WhatsApp conversations, transaction records, and the application used to facilitate the fraud.
According to polices sources, authorities are working to track the stolen funds and apprehend the culprits. The case is being investigated under various sections of the Indian Penal Code and the Information Technology Act.
It is important to understand what is a Block Deal ?
A block deal is a stock market transaction where a large number of shares (at least 500,000) or high-value stocks (worth ₹10 crore or more) are traded in a single transaction. While legitimate block deals occur under strict regulatory oversight, scammers often misuse the term to lure unsuspecting investors into fraudulent schemes.
How to Protect Yourself from Cyber Fraud
Verify Sources: Always research investment opportunities and confirm legitimacy before transferring money.
Avoid Sharing Personal Information: Never disclose sensitive details like Aadhaar, PAN, or bank information to unknown sources.
Beware of Unrealistic Promises: If an investment seems too good to be true, it likely is.
Use Trusted Financial Platforms: Only invest through registered financial institutions and SEBI-approved platforms.
Consult Experts: Seek advice from financial experts or legal advisors before making significant investments.
High Returns: High returns on an investment are almost always a red flag for fraud. There is no magic formula or company that can consistently deliver exceptionally high returns.
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Fact: Did you know that seniors are twice as likely to fall victim to online scams compared to younger individuals? Cybercriminals often target them due to their trusting nature and lack of digital familiarity.
Stay Safe with Driyati Services! We not only care for seniors’ physical well-being but also educate them on digital security, ensuring they stay protected from fraud and scams. Let’s safeguard our elders together!