Goa Retiree Loses ₹4.74 Crore in Alleged Online IPO Scam — Possibly State's Biggest.

Tiswadi, Goa:In what could be Goa’s largest online investment fraud to date, a 72-year-old retired man from Tiswadi has reportedly lost ₹4.74 crore to cybercriminals posing as financial experts promoting a high-return IPO scheme.According to sources, the victim came across an investment opportunity through a social media post, which advertised an Initial Public Offering (IPO) supposedly linked to a well-known online payment platform. The scheme appeared legitimate, promising high returns and exclusive share allotments.The fraudsters, claiming to be Qualified Institutional Buyers (QIBs), convinced the senior citizen that he could secure a large allocation of shares by transferring funds upfront. Believing the opportunity was genuine, the victim made multiple transactions amounting to ₹4.74 crore over a period of time.The scam came to light when the accused suddenly **cut off all communication**, and the promised returns failed to materialise. Realising he had been defrauded, the victim filed a complaint with the cybercrime authorities.Preliminary investigations suggest the operation was **well-planned and orchestrated**, using fake identities, manipulated digital content, and professional communication to build trust.Authorities have launched a probe into the incident and are tracking the digital trail of the transactions. Meanwhile, officials are urging the public—especially senior citizens—to remain cautious of online investment offers that promise unusually high returns.If confirmed, this case could mark **Goa’s biggest individual cyber fraud**, highlighting the growing threat of financial scams targeting vulnerable individuals through digital platforms.