Kasaragod: Sreedharan M (name changed), who retired as an Agriculture Officer in November, wanted to try his hand at stock trading. In his free time, he scoured the internet for trading tips -- unaware that scammers had already set their bait. They found him, lured him into a WhatsApp 'trading advisory group', and in just 28 days, wiped out ₹43 lakh of his hard-earned retirement savings. Four months into retirement, Sreedharan (56) said he has little left now.

Kasaragod Cyber Police have registered a cheating case under Section 318 (4) of the Bharatiya Nyaya Sanhita (BNS) and launched an investigation.

Sreedharan said the scammers first engaged with him on WhatsApp, offering stock tips. When he made some money, he began to trust them. Soon, they added him to a WhatsApp group called '73 ASK Elite Wealth Traders', where several members raved about the buy-and-sell tips being shared. Posing as stock market experts, the scammers then convinced him to install an app called ASK IATOP on his laptop.

The app presented itself as a real-time financial market display platform, claiming to provide "timely market insights to help users make informed decisions". Despite having just 10+ downloads, it mimicked the interface of a professional trading application.

However, the app did not require a Demat account, which is mandatory under SEBI regulations for electronically holding shares bought through a trading platform. But being new to the business, Sreedharan did not recognise this as a red flag.

Each time he wanted to buy stocks, the scammers provided a new bank account and IFSC for the transfer. Over 28 days, from February 22 to March 21, he deposited ₹43 lakh into multiple accounts provided through the app. His balance on the app consistently showed impressive profits, keeping him invested -- until he tried to withdraw his funds. That’s when he realised he had been scammed.

Sreedharan fell victim to an online trading scam that the Indian Cyber Crime Coordination Centre (I4C) has described as one of the most dangerous, where victims typically lose an average of ₹70 lakh. After spending five days desperately trying, and failing, to retrieve his money, Sreedharan approached the Kasaragod Cyber Police on March 26.

Last July, a 37-year-old merchant navy sailor from Kasaragod lost ₹1.95 crore in a similar scam while "buying" stocks through another fake trading app called Gem VG.