Retired people Losing Crs With Fake Trading Apps

Article by Kumar Published on: 1:30 am, 18 January 2026

Every day, many people are losing their money to fake trading apps and online investment scams. Retired people and senior citizens are becoming easy targets. Scammers are taking away lakhs and even crores of rupees that people saved after working hard all their life.

Recently, several shocking cases came to light. A 68 year old retired person lost 1.4 crore rupees after using a fake stock trading app. In Pune, a retired bank officer lost more than Rs 5 Cr in an online share trading scam. In Vijayawada, a 77 year old man lost nearly 80 Lakh rupees after joining a fake trading group. Many others across the country were cheated after getting messages on WhatsApp and social media.

These scams usually start with a simple message. Strangers contact people on WhatsApp, Facebook, Instagram or LinkedIn and promise easy profits with no risk. They add victims to online groups and show fake screenshots of profits to gain trust. Later, they ask people to download a trading app that looks real but is actually fake. Once money is transferred, the app may show profits, but when people try to withdraw, the money is gone and the scammers disappear.

At first, these apps show big returns to make people confident. But those profits are fake. The real aim of the scammers is to take your money and block all contact.

Here are some simple tips to stay safe and protect older family members.

  • Never trust messages from unknown people promising high profits.
  • Do not download trading apps from links sent by others. Use only trusted and well known platforms.
  • Always check whether the trading platform is registered with SEBI or a regulated broker.
  • Ignore offers that promise high returns without risk. Real investments never work like that.
  • Talk to family members before investing any money. If something feels wrong, stop immediately.
  • Report fraud early at the national cybercrime portal cybercrime dot gov dot in or call 1930.

Retired people save money for years to live peacefully after retirement. Losing that money to fake trading apps can destroy their future and peace of mind. Awareness is the only protection. Families must stay alert, guide elders, and spread awareness to stop these dangerous scams.

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