Man loses ₹11 crore in share market scam through fake whatsApp group and trading app

New Delhi (The Uttam Hindu) : A sensational case has come to light in Mumbai where a 68-year-old man was duped of nearly 11 crore rupees by promising to invest in the stock market. The fraudsters executed the crime so systematically that the victim remained undetected for a long time.

According to reports, the elderly man had seen an attractive advertisement on the internet about the stock market, promising substantial profits in a short time. Believing the advertisement, he clicked on the link.

A web of trust was created through a WhatsApp group

Upon clicking the link, the victim was added to a WhatsApp group. In this group, fake analysts claiming to be stock market experts and some purported investors were constantly communicating. Discussions of IPOs, preferential shares, and guaranteed profits were frequent in the group, leading the victim to believe that the investment was completely safe.

Profits shown through a fake app

The fraudsters then began showing the victim a fake investment status through a mobile application. The app displayed large profit figures. The victim began to believe his money was growing rapidly. Under this belief, he transferred approximately ₹11 crore to more than 12 different bank accounts within just 20 days.

The app showed the victim's investment had increased to approximately ₹18 crore. When he tried to withdraw the money, the fraudsters demanded an additional ₹8 crore in processing charges and taxes. This is when the victim suspected fraud and the matter came to light.

Following this incident, police and cyber experts have issued an alert regarding new methods of cyber fraud. It has been advised that if anyone falls victim to this type of fraud, they should immediately call the national cyber helpline number 1930. Also, file a complaint on the National Cyber ​​Crime Reporting Portal and immediately inform their bank so that further transactions can be stopped.