Patna man alleges ₹1.19 crore cyber fraud via fake trading apps
Synopsis
A Patna man alleges he lost over ₹1.19 crore to fraudsters who impersonated Julius Baer Wealth Advisors and Finsol Securities, lured him via Facebook ads and WhatsApp, then blocked his withdrawal with a 20% 'profit tax' demand — a textbook investment fraud playbook now targeting middle-class investors across Indian cities.
Key Takeaways
Abdul Ejaz Azhar Jameel of Jagdev Path, Patna has alleged a cyber fraud totalling ₹1,19,53,044 .
Funds were allegedly transferred to accounts linked to Julius Baer Wealth Advisors (India) Pvt.
Ltd. (₹79,56,451) and Finsol Securities Ltd. (₹39,96,593).
Fraudsters allegedly used Facebook ads and WhatsApp to recruit the victim, then directed him to a fake app called 'JB X One' .
A demand for 20 per cent of purported profits as a withdrawal precondition triggered the victim's suspicions.
The complaint, filed with the Cyber Cell on 22 August , seeks FIR registration, account freezing, and fund recovery.
All allegations are under investigation.
A Patna resident has filed a cyber complaint alleging he was defrauded of over ₹1.19 crore through fraudulent online trading platforms that promised high returns, in what investigators are examining as a sophisticated investment scam. The complainant, Abdul Ejaz Azhar Jameel of Jagdev Path, Patna, approached the Cyber Cell on 22 August seeking registration of an FIR, investigation of the alleged fraud, and immediate steps to recover the lost funds.
How the Alleged Scam Unfolded
According to the complaint, Jameel first encountered advertisements and referrals on Facebook linked to entities identified as Julius Baer Wealth Advisors (India) Pvt. Ltd. and Finsol Securities Ltd. Individuals subsequently reached out to him via WhatsApp and allegedly persuaded him to download a trading application called 'JB X One' to begin investing.
In a pattern consistent with many such scams, the alleged fraudsters initially allowed Jameel to withdraw a small portion of his investment — a tactic reportedly used to build confidence and encourage larger deposits. Following this, he transferred substantially larger sums.
Money Trail: Where the Funds Went
According to the complaint, ₹79,56,451 was transferred to bank accounts allegedly associated with Julius Baer, while a further ₹39,96,593 was sent to accounts allegedly linked to Finsol Securities. The total amount reportedly transferred stands at ₹1,19,53,044.
Jameel alleged that the trading application subsequently displayed substantial profits on his account. However, when he attempted to withdraw the funds, he was allegedly told he must first pay 20 per cent of the purported profit as a precondition — a classic red flag in what experts describe as 'withdrawal-block' cyber fraud schemes. This demand raised his suspicions that he had been targeted.
Suspects Named in the Complaint
The complainant provided investigators with mobile numbers of several individuals who allegedly contacted him. These include persons identified as Kunal and Sonal, who claimed to represent Julius Baer, and individuals named Gul and Ananya, who allegedly claimed association with Finsol Securities.
Jameel has requested the Cyber Cell to investigate the alleged beneficiaries by examining their KYC records, bank transactions, IP addresses, and other digital evidence. He has also sought immediate freezing of any available funds in the beneficiary accounts. The online complaint carries acknowledgement number 3050826010xxx.
Broader Context: Rise of Trading Scams in India
This case is part of a growing pattern of investment fraud in India, where scammers impersonate established financial brands to lend credibility to fake platforms. Notably, cyber fraud complaints involving fake trading apps have surged across major Indian cities in recent years, with the Indian Cyber Crime Coordination Centre (I4C) repeatedly flagging such schemes. The use of Facebook advertisements and WhatsApp as recruitment channels is a well-documented feature of these operations.
All allegations remain subject to police investigation and independent verification. No arrests have been reported at this stage.
Point of View
A social media entry point, a confidence-building partial withdrawal, and a withdrawal-block demand that arrives only after the victim is deeply committed. The scale — over ₹1.19 crore from a single individual — points to a well-organised operation, not opportunistic phishing. What is missing from the public record so far is any indication of how quickly the Cyber Cell can act on account-freeze requests, which is typically where recovery prospects are won or lost. India's cyber fraud architecture is improving, but the gap between complaint and freezing order remains wide enough for funds to move beyond reach.
NationPress
22 Aug 2026
Frequently Asked Questions
What is the Patna cyber fraud case involving Julius Baer and Finsol Securities?
A Patna resident, Abdul Ejaz Azhar Jameel, has alleged he was defrauded of over ₹1.19 crore through fake online trading platforms that impersonated Julius Baer Wealth Advisors (India) Pvt. Ltd. and Finsol Securities Ltd. He filed a complaint with the Cyber Cell on 22 August seeking an FIR and fund recovery. All allegations are subject to police investigation.
How did the alleged fraud take place?
According to the complaint, the victim was contacted via WhatsApp after encountering Facebook advertisements, and was persuaded to download a trading app called 'JB X One'. An initial small withdrawal built his confidence, after which he transferred over ₹1.19 crore. When he tried to withdraw profits, he was allegedly told to first pay 20 per cent of the displayed profit — a demand that raised suspicions of fraud.
How much money was allegedly transferred and to whom?
A total of ₹1,19,53,044 was allegedly transferred — ₹79,56,451 to accounts linked to Julius Baer and ₹39,96,593 to accounts linked to Finsol Securities, according to the complaint.
Who are the suspects named in the complaint?
The complainant named individuals identified as Kunal and Sonal, who allegedly claimed to represent Julius Baer, and Gul and Ananya, who allegedly claimed association with Finsol Securities. Their mobile numbers have been provided to investigators.
What action has the victim requested from the Cyber Cell?
Jameel has requested the Cyber Cell to register an FIR, examine KYC records, bank transactions, and IP addresses of the alleged beneficiaries, freeze any available funds in linked accounts, and take steps to recover the allegedly defrauded amount.
