A 60-year-old man from Valsad, Gujarat, lost Rs 2.52 crore in a sophisticated WhatsApp-based stock market scam that began with a YouTube video link in April 2024.
Lured by initial small profits on the fraudulent UK-IND Fast Trading app, he escalated investments from Rs 5 lakh to a total of Rs 2.52 crore, with the app falsely displaying Rs 33 crore in gains; scammers demanded a Rs 66 lakh “brokerage fee” for withdrawal, exposing the fraud when customer care lines went silent.
The victim, identifying suspects including Nitin Sharma, Yashvi Jain, Nikita Jaiswal, Tejas Kumar Jain, and bank account holders falsely claiming SEBI registration via “Yashvi Company,” filed complaints with Valsad Cyber Crime Branch, Gandhinagar CID Crime Cyber Police Station, and the national Cyber Helpline.
As of December 2025, police investigations continue without reported arrests, amid a surge in similar Gujarat cases targeting vulnerable elders.
YouTube Lure to Fake App Trap
The deception started innocently enough when the retiree, seeking financial security in his golden years, clicked a seemingly harmless link beneath a YouTube video promising stock market insights. Moments later, his phone buzzed with a message from an unknown WhatsApp number: “Do you want to invest in the stock market? And what type of stocks do you want to invest in?”
Intrigued, he replied affirmatively and was swiftly added to a private WhatsApp group buzzing with apparent experts sharing “hot tips.” These scammers orchestrated small initial returns to hook him, a classic tactic to build trust. Soon, a contact posing as Nitin Sharma reached out personally, coaxing: “Invest more, I will build your portfolio.”
Persuaded, the man downloaded the UK-IND Fast Trading app as instructed, creating an account that mirrored legitimate trading platforms. Another fraudster, introducing himself as Tejas Kumar from Yashvi Company, guided the deposits: starting modestly at Rs 5 lakh, then doubling to Rs 10 lakh, and surging to Rs 20 lakh by May 2024.
The app’s dashboard glowed with escalating virtual profits, peaking at an illusory Rs 33 crore, fuelling his hopes for a comfortable retirement. This human story underscores how scammers exploit aspirations, turning everyday tech into tools of devastation for trusting individuals like this Valsad resident, who poured his life savings into the scheme over mere months.
Family Alert Sparks Probe and Rising Threat
The house of cards crumbled when the man attempted to withdraw his “earnings,” only to be hit with demands for a Rs 66 lakh brokerage fee he couldn’t afford. Protests fell on deaf ears; the provided customer care number rang endlessly without response, shattering the illusion.
Alerted by his distress, family members and friends intervened, urging him to verify the scheme’s legitimacy prompting swift complaints to local cyber authorities. Valsad Cyber Crime Branch officers are now tracing digital footprints, including the fake app’s servers, linked bank accounts, and the scammers’ communications, in coordination with Gandhinagar CID.
This incident fits a disturbing pattern in Gujarat, where WhatsApp groups have duped dozens in recent months, from Ahmedabad businessmen losing lakhs to Vadodara residents cheated of crores, often under false SEBI pretences.
A police spokesperson emphasised: “We urge the public, especially seniors, to report suspicions immediately to freeze assets and aid arrests.” The probe highlights systemic vulnerabilities in digital finance, where retirees face heightened risks amid India’s booming online investment culture, with cybercrimes surging 20% yearly per national reports.
Safety Protocols: Expert Advice to Stay Secure
To shield against such traps, financial experts recommend verifying platforms via official SEBI or RBI websites before any investment never trust unsolicited links or groups. Enable two-factor authentication on banking apps, use strong unique passwords, and avoid sharing OTPs or personal details.
Install reputable antivirus software and keep devices updated to block malicious apps like UK-IND Fast Trading. If approached via WhatsApp or YouTube, pause and cross-check with family or certified advisors; legitimate brokers never guarantee quick riches or demand upfront fees for withdrawals.
Report incidents instantly to cybercrime.gov.in or the 1930 helpline for swift action. Educate elders through community workshops on spotting red flags: pressure to invest fast, promises of 100% returns, or apps not listed on Google Play/App Store. Banks now flag suspicious transactions activate alerts for large transfers. By adopting these habits, individuals reclaim control, turning potential victims into vigilant guardians.
The Logical Indian’s Perspective
Stories like this expose the dark underbelly of unchecked digital promises, where greed masquerading as opportunity preys on hopes, fractures families, and undermines societal trust yet they also ignite our collective resolve for empathy, education, and unity.
The Logical Indian remains steadfast in promoting peace, kindness, and harmonious coexistence by amplifying calls for financial literacy workshops, community awareness drives, and robust legal safeguards that prioritise victim recovery over mere punishment. True progress lies in fostering dialogue that turns victims into advocates, ensuring no elder falls alone into these traps.
