Fake Zerodha investment scam dupes Bengaluru woman of ₹55.84 lakh

Bengaluru

In a shocking case of online financial fraud, cybercriminals posing as representatives of the reputed stock trading platform Zerodha duped a Bengaluru woman and her husband of ₹55.84 lakh over just two weeks in May 2025. The elaborate scam, carried out via Instagram and WhatsApp, falsely promised high returns through a fake “Zerodha Advanced Broker” account. The FIR is registered at CEN Crime Police Station, East on June 25 and the copy is accessed by the BLR.POST.

The complainant revealed that his wife came across a seemingly legitimate Instagram post offering stock market training and investment opportunities, which prominently displayed names like “CITL” and “Citi,” boosting its credibility. Clicking on the link led her to a WhatsApp group titled “J96-ZB Udaan Forum,” where she was introduced to two key individuals—Hanan Delvi, presented as a trading mentor, and Ishita Paul, allegedly the assistant managing daily trading operations.

The group, which had around 75-80 participants, began by offering basic lessons on reading market trends and familiarising users with stock trading terms. Soon after, they pushed members to invest through what they called an “OTC trading cycle.” A bogus Zerodha Advanced Broker account was set up in the complainant’s wife’s name, linked to her mobile number, and initial investments began with ₹30,000 on May 5, 2025.

To test the platform’s authenticity, the couple successfully withdrew ₹10,000 into their HDFC bank account, which further reinforced their trust. Subsequently, the couple made multiple transfers—via UPI, net banking, and even direct bank deposits—amounting to ₹55,84,069 over the span of just 15 days. These payments were routed to various bank accounts shared by the fraudsters in chat messages, all of which have been submitted as evidence.

The scam came to light when the couple attempted to withdraw a larger sum, only to be told they must pay a hefty “tax” before account closure and fund release. Realising they had been duped, they promptly filed a complaint.

The cyber fraud was carried out entirely over WhatsApp, using the number 9980531208. A formal complaint has been registered and investigations are underway to trace the accused, who exploited the name of Zerodha to lure unsuspecting victims.

Authorities have urged the public to be cautious of investment offers on social media and to verify credentials independently before transferring funds. Zerodha has also reiterated that it does not conduct such training or offer broker accounts via social media or WhatsApp groups.

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