Gujarat man invests over Rs 6 crore, loses Rs 4 crore in fake stock trading scam

A 32-year-old accountant from Gujarat’s Rajkot has allegedly been defrauded of Rs 4.12 crore after being lured into investing in a purported stock trading platform called "Hello Trades", with the promise of high returns.

The matter came to light after the accountant, identified as Mitesh, approached the Rajkot Economic Offences Wing (EOW), alleging that he was unable to withdraw both his invested capital and the profits displayed on the platform.

Mitesh, who lives in the Himmatnagar area near Rajkot’s 150-foot Ring Road and works as an accountant for several firms, said he first came in contact with accused Naresh Sevakramani, a resident of Maharashtra’s Nashik, through social media in 2021. At the time, he was looking for information on investing his savings in the stock market.

According to the complaint, Sevakramani initially offered to help him buy and sell shares without additional fees and spoke about earning a commission.

Since Mitesh was still learning to trade, Sevakramani told him that no commission was required at that stage and shared several links through which he began learning about trading.

Over the next three years, Mitesh invested varying amounts while gaining experience. In 2024, he decided to increase his investments after borrowing money from friends and discussed his plans with Sevakramani.

The accused then introduced him to a platform called "Hello Trades", telling him that he would have to pay a commission if Sevakramani acted as his agent.

After receiving a link from Sevakramani, Mitesh created an account on the platform. The website provided details of bank accounts and QR codes for depositing funds.

According to the complaint, these accounts were held in names including Hello Trade, Siddhi Vinayak Enterprise, Pacify Infra, Weesbod Software, Monkey Enterprise, Maruti Money and Drishti.

Mitesh said he deposited money into these accounts on multiple occasions and shared transaction screenshots with Sevakramani over WhatsApp.

The corresponding amounts would subsequently appear as balances in his account on the trading platform. He also transferred commission amounts, as instructed, to Sevakramani and the other accounts.

Between 2024 and February 2026, Mitesh claimed to have invested Rs 6,35,47,843 through the platform. Of this, Rs 4,23,15,169 was returned to him, according to his complaint.

The alleged fraud came to light when Mitesh attempted to withdraw his remaining investment and profits. By February 2, 2026, the platform showed profits of around Rs 2 crore in addition to the outstanding principal.

However, when he selected the withdrawal option, an error appeared and the funds could not be transferred to his bank account.

When Mitesh contacted Sevakramani, he was reportedly told him that the withdrawal would be arranged within a day or two. The money, however, was not released, and Sevakramani subsequently stopped responding to his calls.

The complaint alleges that Rs 2.12 crore of the invested principal and around Rs 2 crore in purported profits remained unpaid, resulting in an alleged total loss of Rs 4,12,33,655.

Mitesh subsequently approached the Rajkot EOW, naming Sevakramani and other bank account holders in the complaint.

Police have registered a case based on the complaint, and the EOW has begun investigating the transactions, the bank accounts used to receive the deposits and the people allegedly connected with the platform.

Efforts are also underway to trace and apprehend the accused. The investigation is expected to establish how the funds were routed and whether other investors were similarly targeted.- Ends

Brijesh Doshi, who lives in Ahmedabad, is a Senior Special Correspondent in the India Today Group and is currently working as the Gujarat bureau chief of AajTak-India Today TV. He reports on political matters from Gujarat. A journalist with more than 14 years of experience, Brijesh has done reported extensively from the ground during several natural disasters scuh as cyclones and floods in Gujarat in the last decade. He has also done detailed coverage on all the political developments in the state. He previously worked in Gujarat's vernacular media for more than 12 years.