He was lured through a fake trading platform that misused the name of a well-known stock market expert. | Photo credit: Illustration for illustration only
A 71-year-old retired Indian Army colonel and his wife were allegedly duped of nearly ₹1.98 crore in a premeditated online investment and cyber scam after they were lured through a fake trading platform that misused the name of a well-known stock market expert.
The victim, a resident of Richards Town in Bengaluru, said he and his wife were lured into investing large sums of money after his wife came across an online advertisement by the entity in mid-December 2025, promising high and guaranteed returns.
According to the complaint, the couple was contacted by a woman, who identified herself as Swati Verma, who claimed that the investment scheme was linked to a reputed stock trader. The victims were subsequently added to a WhatsApp group that had over 60 members.
Believing the scheme to be genuine, the couple downloaded the ‘Stokohni’ app from the Google Play Store and transferred around ₹1.98 crore to several accounts provided by the fraudsters on various dates between December 16, 2025 and January 5, 2026. The amount allegedly represented their entire life savings.
On 31 December, the couple was informed that a so-called ‘loan’ of ₹40,000 had been generated in their account, which needed to be settled in order to continue trading. They acted in good faith and paid the amount. However, when they tried to withdraw the funds on January 9, they were told to clear another alleged loan of ₹70 lakh, raising suspicions.
The scam came to light after victims contacted the official online trading support team, who informed them via email on January 12 that the scheme was fraudulent.
The victims have now approached the authorities to register a case, investigate the bank accounts, mobile numbers and WhatsApp groups involved and recover the defrauded amount. Acting on a complaint, the Cyber Crime Police on Friday registered an FIR against unknown persons, charging them under the IT Act and for cheating and impersonation under the Bharatiya Nyaya Sanhita (BNS).
Published – 18 Jan 2026 21:28 IST
