- By Surarika Das
- Tue, 09 Jun 2026 09:45 AM (IST)
- Source:JND
- The duped individual is identified as Lakhan Lal Uike (60), a resident of Barkhedi Surjanagar and a retired government official.
- The victims, upon gaining suspicion, tried contacting the numbers. However, all of them were switched off.
- He deposited Rs 1 lakh; the app displayed heavy profits within a short span, boosting the man's confidence.
A Bhopal resident was swindled out of more than Rs 1.06 crore in a stock trading scam. The victim was reportedly approached by cyber fraudsters who promised substantial returns on investments in the stock market and IPOs. The cybercrime police have registered a case against unidentified individuals and launched an investigation.
Hiow Easy Profits Turned Costly
The duped individual is identified as Lakhan Lal Uike (60), a resident of Barkhedi Surjanagar and a retired government official. In April 2025, the elderly received a message from a woman who claimed to be a representative of a trading company. She then added Uike to an investment-related group.
The group claimed to provide daily returns of up to 10 per cent on share trading and IPO investments. Following this, Uike downloaded a trading app on his phone. Initially, he deposited Rs 1 lakh; the app displayed heavy profits within a short span, boosting the man's confidence.
Fraudsters had told victims to invest by promising shares in pre-listing IPOs and major companies at low prices. The imposters collected crores of rupees by showing share allocations in the names of various companies. When the victim attempted to withdraw the invested amount, they were asked to deposit even more money.
The victims, upon gaining suspicion, tried contacting the numbers. However, all of them were switched off. The investigation revealed that over 100 mobile numbers, fraudulent trading apps, and multiple bank accounts were used to carry out the scam. The police are currently investigating the entire network.
Separate Case
In a separate case, a 50-year-old man from northwest Bengaluru had lost Rs 5.95 crore in an elaborate online investment scam involving a fraudulent trading platform and people posing as investment advisors.
In another case, A Pune-based IT professional has allegedly lost Rs 4.43 crore in a sophisticated share trading scam operated through a WhatsApp group and a fake investment application. Fraudsters lured the victim with daily market tutorials, stock recommendations, and fabricated profit screenshots before convincing him to transfer funds into multiple accounts.