Lured into ‘investment’, 77-year-old man loses Rs 2.7cr

New Delhi: A 77-year-old man in east Delhi has lost his life savings of over Rs 2.7 crore in an alleged investment scam. The retired auto engineer was lured to invest in what appeared to be a legitimate stock trading operation promising high returns.According to the complaint, the elderly man, a resident of Krishna Nagar, had received a message on WhatsApp and was added to a group with around 100 members. The group appeared credible due to its size and frequent activities, with members regularly sharing stock market advice and trading tips.The man alleged that the group was operated by a man who claimed to be the director of a well-known trading platform. He and others in the group encouraged members to invest in shares through a mobile application that closely resembled a legitimate trading app.Over time, he invested over Rs 2.7 crore from his and his wife’s accounts in shares recommended by the group. The application displayed fake returns, with his portfolio allegedly rising to over Rs 8.2 crore, convincing him to invest more. “In the group, some people would, on a daily basis, share their screenshots of the app claiming profits of Rs 19 lakh to Rs 35 lakh in just a day. The logo of the app and everything else also looked very genuine,” he said.

The situation escalated in early March when he was informed about an investment opportunity in a company. He was allegedly allotted 1.6 lakh shares at Rs 804 per share, amounting to over Rs 13 crore. The investment was allegedly adjusted against his subscription account.Suspicion arose when the victim was unable to withdraw any funds despite repeated attempts. Realising that he was cheated, he approached police.The victim told TOI that the money was saved for his daughter, who had returned from the UAE and was living with the family. “I lost my son who was only 24 years old in a bike accident in Mehrauli in 2006. Since then, all our savings have been used to sustain me and my wife and now our daughter, too. There is nothing left now.” He said his wife needed treatment for persistent problems with her feet due to high sugar, but the family had no income now.Police said a case was registered with IFSO on April 3 and Economic Offences Wing was probing the matter. Investigators are examining financial transactions, digital evidence and the role of multiple suspects linked to the fraudulent operation.