An 83-year-old retired man from Dadar, Mumbai, lost ₹1.19 crore in a fake IPO scam.

The man had joined a fake WhatsApp group with 90 members, operated by Vinita Patodia and Ashwin Parekh, who posed as ICICI advisors and stock market experts.

They showed false profit promises and fake documents to gain his trust. Without proper verification, the man transferred the funds to the account provided by them.

The matter is currently under investigation by the cybercrime authorities.