IIM Ahmedabad employee fooled in Rs 50 lakh bogus SME IPO pitch via WhatsApp trading scam

A manager at the Indian Institute of Management (IIM), Ahmedabad, has fallen victim to an elaborate online trading scam, losing nearly Rs 50 lakh after being lured into a bogus IPO investment scheme through a WhatsApp group promoting stock market “tips.”

According to The Times of India, the 49-year-old victim, who resides in Chandkheda, filed a complaint with the Cybercrime police on Monday after discovering that his in-app trading account had been blocked and his phone number cut off from further contact with the fraudsters.

Lured through Facebook, hooked by fake profits
The incident began on February 19, when the complainant clicked on a WhatsApp group link titled “E-28 ASK Capital Circle” while browsing Facebook. Group administrators began offering investment “tips” and instructed him to download a mobile application named “ASKICPRO.”He initially observed the group’s discussions but was soon persuaded to make a small investment. On March 19, he deposited Rs 25,000 to buy shares of “CLARA Industries Ltd” and was asked to sell them shortly after. The next day, his in-app wallet reflected Rs 28,800, encouraging further trades.

By March 27, his wallet balance had grown to Rs 5 lakh, with the app displaying consistent “profits” and the fraudsters urging him to participate in “OTC trading.” This pattern of fake gains appeared to cement the victim’s trust in the platform.

Fake SME IPO allotment letter, Rs 42 lakh sunk
The group’s administrators later convinced him to apply for an IPO in the name of “Informative Solution SME.” After applying through the ASKICPRO app, he received a seemingly official IPO allotment letter and was asked to deposit Rs 42,80,640.When he expressed concern about the high amount, the scammers offered to facilitate a loan of Rs 18 lakh if he deposited Rs 20 lakh upfront. He agreed, and eventually paid the full amount in installments.

Upon attempting to withdraw the funds, he was told to make an additional Rs 15 lakh deposit for “capital verification.” After negotiating, he deposited Rs 10 lakh more, according to The Times of India.

Blocked and vanished
The final blow came when he tried to withdraw Rs 45 lakh from his app wallet, only to find the transaction had failed. His account was promptly blocked, he was removed from the WhatsApp group, and his mobile number was blacklisted by the fraudsters.

The case is now under investigation by Ahmedabad Cybercrime police.

Also read | How are investors being lured into stock market scams via WhatsApp? Sebi issues advisory

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