Retired Banker Loses ₹90 Lakh in Online Scam
A 73-year-old retired banker from Ahmedabad lost nearly ₹91 lakh in an unregistered online trading platform.
- Retired banker loses ₹90 lakh in online scam
- Fake ads feature big names from finance and technology
- Victim invested over six months in unregistered platform
- Cybercrime police file complaint
- Scam promises high returns with little risk
A 73-year-old retired banker from Ahmedabad lost nearly ₹91 lakh in an unregistered online trading platform.
The victim had seen YouTube ads on stock market investments, featuring prominent personalities from the finance and technology sectors.
In November 2025, he clicked on one such advertisement and invested in the platform over six months.
However, when he tried to withdraw his money, he realized it was a scam.
How the Scam Worked
The scam involved fake ads with big names from finance and technology, promising high returns with little risk.
Officials said the scammers used the money from new investors to pay existing investors, a classic sign of a Ponzi scheme.
Sources confirmed that the victim filed a complaint with Cybercrime police after his repeated attempts to withdraw the money failed.
'We are investigating the complaint and will take action against the scammers,' said a Cybercrime police official.
Warning Signs of a Ponzi Scheme
Experts said that promises of high returns with little risk are a hallmark of a Ponzi scheme.
'Before investing, check for these classic warning signs of a Ponzi scheme,' said a financial expert.
Meanwhile, government sources said that they are taking steps to educate people about the dangers of online scams and how to avoid them.
'We are working to create awareness about online scams and how to protect yourself from them,' said a government official.
Historical Context of Ponzi Schemes
Ponzi schemes have been around for decades, with notable examples including the scheme run by Charles Ponzi in the 1920s.
In recent years, there have been several cases of Ponzi schemes targeting seniors, including a case where a 78-year-old retired banker lost ₹22.92 crores.
Despite this, many people are still falling victim to these scams.
'We need to be vigilant and educate people about the dangers of Ponzi schemes,' said a financial expert.
Human Impact of the Scam
The scam has had a significant impact on the retired banker, who lost nearly ₹91 lakh.
'I am devastated by the loss,' said the victim.
Meanwhile, witnesses said that the scam has also affected several other people in the city.
'We have seen several cases of people losing money to online scams,' said a witness.
In contrast, officials said that they are working to prevent such scams and protect people from losing their money.
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