Ahmedabad police allege fake trading apps 'JB X One' and 'ID-QSB' used forged SEBI certificates
Gujarat Samachar reported on 30 October 2026 that Ahmedabad police allege fake trading apps “JB X One” and “ID-QSB”, forged SEBI certificates and impersonation of Julius Baer and ICICI Securities caused a Rs 67.92 lakh loss. These are allegations.
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Source: english.gujaratsamachar.com · published
What happened
Gujarat Samachar reported on 30 October 2026 that the Ahmedabad City Cyber Crime Branch arrested four people over an alleged investment fraud that cost an Ahmedabad resident Rs 67.92 lakh. The allegations come from the complaint and the police investigation and have not been tested in court. According to the complaint, fraudsters contacted the complainant through several WhatsApp numbers and persuaded them to invest through an app called “JB X One”, which they falsely linked to the Swiss bank Julius Baer, promising no brokerage charges. They sent forged certificates carrying SEBI's name, logo and seals. Julius Baer, ICICI Securities and SEBI are described as impersonated and are not involved.
How the scam works
A woman who gave the name “Anju Garg” and said she represented ICICI Securities then allegedly promoted “block trading” with promised daily returns of 5% to 20%, and got the complainant to download a second app, “ID-QSB”. That is a name she used in the case, and no ICICI employee is implicated. The complainant allegedly transferred Rs 47.14 lakh through the first scheme and Rs 20.78 lakh through the second. The apps showed a balance of Rs 74.32 lakh, but when the complainant tried to withdraw the money, the accused allegedly demanded a payment for a purported 20% short-term capital gains tax and a further 4% health and education cess.
Police say that bank-account details of more than 30 accounts were collected and passed along a chain of operatives for commission before reaching alleged handlers in Dubai. They say the accounts are linked to more than 80 complaints across more than 15 states, with transactions exceeding Rs 50 crore, and that the investigation into the wider network and the overseas handlers continues. The pattern, with fake trading apps, forged regulatory papers, impressive on-screen profits and fees demanded before withdrawals, is a familiar one in investment fraud. Those arrested are accused persons, not convicted, and are not named here.
Source
Gujarat Samachar (English), report on the Ahmedabad City Cyber Crime Branch case, 30 October 2026.
Red flags
- A WhatsApp contact urging you to invest through an app you must download, such as “JB X One” or “ID-QSB”.
- Claims to be linked to a known bank or broker (Julius Baer, ICICI Securities) that you cannot confirm.
- Certificates bearing SEBI's name, logo and seals sent as proof of registration.
- Promised daily returns of 5% to 20% from “block trading”.
- A balance shown in the app that cannot be withdrawn until you pay a “capital gains tax” or “cess”.
If you were targeted
- 1Do not invest through apps sent over WhatsApp or other messages; use only brokers you have verified on SEBI's official register.
- 2Contact the bank or broker directly using details from its official website to check any claimed link.
- 3Treat requests for tax or fee payments before a withdrawal as a warning sign and stop paying.
- 4If you have paid, report it at once on the national cybercrime helpline 1930 or cybercrime.gov.in and tell your bank.
- 5Keep chats, app screenshots and payment records as evidence.