A 74-year-old Bengaluru man lost ₹1.33 crore in a sophisticated fake IPO scam.

By Aniket Chakraborty Nov 24, 2025 Arrow INDIA NEWS

He found a website mimicking Anand Rathi Wealth and contacted a “representative” on WhatsApp.

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The scammer, posing as Ankith Mahesh, pitched high-profit IPO investment schemes.

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He then instructed the victim to download an app from a fraudulent link.

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Trusting the promises, the man transferred ₹1.15 crore from his Axis Bank account.

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He also sent ₹18 lakh from a relative’s account, bringing the total to ₹1.33 crore.

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When profits and withdrawals never arrived, he realised he had been duped.

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He filed a complaint on September 21 after the fraudster stopped responding.

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A case was registered with the National Cybercrime Cell as the investigation began.

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Police warn that fake investment portals and WhatsApp advisors are rising across India.

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