Slug: Stock Market LureAhmedabad: A 71-year-old retiree from Vasna has fallen victim to an elaborate cyber fraud in which scammers posed as stock market advisers and duped him and his wife of over Rs 1.2 crore.According to a complaint lodged with the cybercrime police on Saturday, the fraud began on March 19, when the victim received a WhatsApp message from a woman who identified herself as Tina Malhotra. She claimed to represent an investment group that provided expert guidance on stock market trading and IPO subscriptions.The retiree was subsequently added to multiple WhatsApp groups, including one named “2026 Fortune Gate F666”, where administrators and members regularly shared stock recommendations, investment tips, and testimonials of purported profits.The victim told police that the constant flow of messages showing successful investment returns gradually convinced him of the group’s legitimacy.Investigators said the fraudsters persuaded the victim to download several mobile applications — DMA IIFL, IIFL Markets, and IFLVIP. He was also provided a link through which he could allegedly monitor investments and returns.Believing the platform to be genuine, the victim began transferring money from his wife’s bank account in April. Between April 2 and May 29, he made multiple transfers to various accounts provided by the fraudsters, totalling Rs 1.2 crore.Police said the accused promised attractive returns through stock trading and discounted IPO allotments. However, when the victim sought to withdraw funds, the money was not returned.The retiree subsequently noticed irregularities in one of the applications. Realising he had been cheated, he contacted the national cybercrime helpline — 1930 — and later approached cybercrime police.A case of cheating, criminal breach of trust, and cyber fraud has been registered against the woman who contacted the victim, the administrators of the WhatsApp groups, and the holders of the beneficiary bank accounts.