Vadodara businessman reports seven-figure loss to organised online stock fraud
A resident of Sevasi village in Vadodara has lodged a complaint after losing ₹1,03,35,000 to an online trading fraud that combined phone cold-calls, a WhatsApp information campaign and a counterfeit investment application, police said.
The complainant, Vipul Shantilal Makwana — who works in loan processing and trades in stocks — approached Vadodara Taluka police after discovering he could not withdraw funds he had transferred to accounts designated by the accused. The matter relates to activity that began in March 2025 and culminated in multiple transfers between April and May 2025, the FIR records show.
- Initial contact: An unknown caller phoned the victim, alleging a prior loss and offering recovery assistance.
- Trust-building: The fraudsters added the victim to a WhatsApp group sharing market updates and apparent transaction statements.
- App-based deception: He was asked to install an application named 'ABBOTT WEALTH MANAGENT' and complete a KYC, which displayed rising profit figures.
- Blocked withdrawals: Though the app showed profits, the victim was unable to withdraw funds and was pressured to provide additional money.
According to the complaint, the caller had promised unusually high daily returns — citing percentages between 10 and 25% — and assured the victim that the bank accounts and entities involved were SEBI-registered and backed by decades of operation. These representations were later found to be false, the FIR notes.
"When the complainant sought withdrawal, the accused asked him for more deposits; realising he had been cheated, he approached police," the FIR says.
Vadodara Taluka police have registered the case and initiated an inquiry into the transfers and the entities named in the complaint. Investigative steps listed in the FIR include tracing the beneficiary accounts, obtaining call and message records, and analysing the purported application's backend and registration details.
| Parameter | Detail |
|---|---|
| Victim | Resident of Sevasi village, Vadodara (Vipul Shantilal Makwana) |
| Alleged loss | ₹1,03,35,000 |
| Period of transfers | April–May 2025 |
| App used | 'ABBOTT WEALTH MANAGENT' (as per complaint) |
Cyber-enabled investment frauds of this kind typically mix social engineering with fabricated digital interfaces to create apparent credibility. Investigators will commonly seek financial transaction trails, server logs for the app, and WhatsApp group records to establish the network behind the crime. The FIR indicates such lines of probe have been opened.
Local digital-investment advisers and compliance experts say this case underlines two persistent vulnerabilities for Gujarati investors: aggressive cold-calling tactics promising guaranteed returns, and slick-looking third-party platforms that simulate account dashboards and profit growth. While the FIR refers to claims of SEBI registration and a long track record, authentic registration details can be verified on the Securities and Exchange Board of India website or through official registries.
Police have not yet released details on arrests or whether the accounts receiving transfers have been frozen. The complaint is under active investigation at the Vadodara Taluka police station, and authorities said they will take further action based on forensic and banking evidence.
Residents and investors in Vadodara are advised to exercise caution with unsolicited calls about investments, to verify credentials of any adviser or platform through government portals, and to report suspicious approaches promptly to local police or cybercrime cells.
