A Rajkot-based accountant lost Rs 4.12 crore after investing through a fraudulent platform called 'Hello Trades'. The victim was lured via social media by an individual promising returns, only to find withdrawal requests blocked. The Rajkot Economic Offences Wing is investigating the matter and tracing the money transferred to several corporate bank accounts.
The Rajkot Economic Offences Wing is investigating a major fraud case where an accountant was duped of Rs 4.12 crore. The victim, lured by an individual claiming to be a trading expert, invested through a platform named 'Hello Trades'. This incident highlights the growing risks faced by retail investors who engage with unregulated, social-media-based investment schemes that operate outside the supervision of the Securities and Exchange Board of India.
The sequence of events began when the victim connected with an individual identified as Naresh Sevakramani on social media in 2021. The accused initially gained the victim’s trust by acting as a mentor, guiding him through simple trading exercises. By 2024, the suspect directed the victim to use the 'Hello Trades' application. This platform was designed to look like a genuine trading interface, displaying fake profit figures that encouraged the investor to liquidate his personal savings and borrow funds from acquaintances to increase his exposure.
Between 2024 and February 2026, the accountant transferred a total of Rs 6.35 crore to various bank accounts, which were allegedly linked to entities named Siddhi Vinayak Enterprise, Pacify Infra, and Monkey Enterprise. While the app dashboard showed a rising balance, the reality became clear when the investor attempted to withdraw his money. His requests were consistently denied with system errors, and the alleged facilitator eventually stopped communicating. By early February, the dashboard claimed the victim was owed over Rs 4.12 crore, including his principal and accrued gains, all of which remained locked.
The Rajkot Economic Offences Wing has registered a case and is currently tracing the destination of these deposits to determine if the scheme was part of a larger operation targeting multiple individuals. A manhunt is underway for the accused, who has since gone silent.
For investors, this case serves as a critical reminder to exercise caution. Fraudsters often use social media to pose as investment experts and lure individuals into fake trading apps. Investors should verify that any brokerage or platform is officially registered with SEBI before transferring funds. Genuine trading platforms do not request deposits into private bank accounts belonging to third-party firms or unrelated business entities. Investors are strongly advised to avoid any schemes that promise high, guaranteed returns or suggest depositing money outside of established, regulated banking and brokerage channels.