- By Soumyaroop Mukherjee
- Sun, 31 Aug 2025 06:57 PM (IST)
- Source:JND
Ahmedabad Scam: In the latest incident of cyber fraud, two elderly people from Ahmedabad were defrauded of funds of around Rs 1.15 crore. Both people were given the fake promise of quick profits in stocks and cryptocurrency.
The first case belongs to a 62-year-old retired man from Navrangpura who received a call from a fake ‘Chief Investment Officer’. The man was promised huge returns from stock markets and IPOs. Subsequently, the man was added to a ‘trial group’ giving stock tips and later tricked into downloading an app. Eventually, the group siphoned off Rs 60.67 lakh in just 1 month.
The second case is from Shahibaug, where a 66-year-old retired Indian Oil employee came into contact with a fraudster on Facebook. The man was promised big returns by the fraudster on bitcoins with a minimal investment. After doing all the formalities, in the name of minimal investment, the gang robbed the man of Rs 55.10 lakhs and even demanded a 30 per cent commission on the so-called profits.
Cyber fraud, which is increasing as society makes a rapid transition towards digital transactions, has not left the elderly, who have their hard-earned money and pensions, for their survival post-retirement.
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Why Are Senior Citizens Targets Now?
From a survey conducted by Safer Internet India named ‘Understanding Senior Citizens’ Experience with Online Fraud’, cybercrimes against senior citizens have rocketed by 86 per cent over the years. NCRB data also confirms the survey findings, confirming a rise in phishing scams, fake ads, and government impersonation cases, often targeting retired officials with substantial savings.
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Three main factors that make seniors vulnerable:
Cognitive decline and lack of digital literacy.
Loneliness and isolation, leading to misplaced trust.
Financial stability, with large funds at hand.
Although strict laws have been put in place to prevent such issues from repeating, experts urge families to stay alert and guide senior citizens against falling for such “too good to be true" investment traps.
