Trader loses Rs 91 lakh in IPO allotment lure

Rajkot: A complaint has been registered at the Cybercrime police station of Border Range, Bhuj, by a trader Keval Shah, who was defrauded of Rs 91 lakh in online stock market scam.Shah was lured into investing in the stock market with the promise of assured profits through IPO allotments.Shah told police that on Oct 26, 2025, he received a message from an unknown WhatsApp number containing a photo. After clicking on it, he was automatically added to a WhatsApp group that shared stock market investment tips and claimed to have a high success rate in IPO allotments.Subsequently, Shah was sent a link to download a mobile application. After installing the app, he filled in certain details as instructed. Between Nov 26, 2025, and Dec 18, 2025, he transferred approximately Rs 91 lakh through 13 transactions to different bank accounts. The amount was also reflected in the digital wallet shown within the application.However, when he later attempted to withdraw the amount along with the promised profits, the fraudsters demanded an additional 20% tax payment. Growing suspicious, he informed his brother, following which a complaint was lodged on the National Cybercrime Helpline 1930.