New cyber fraud tactic sees man lose entire life savings chasing huge profits

Ahmedabad (The Uttam Hindu): A shocking case of cybercrime has come to light from Kutch district, Gujarat. A man lost 1.6 million rupees of his hard-earned money in the hope of becoming rich overnight by investing in the stock market and IPOs. The victim was cleverly duped through a fake WhatsApp group. According to media reports, the victim has filed a police complaint, describing how cybercriminals trapped him in a digital trap and left him penniless.

The 'game' started from a WhatsApp group, people were trapped through the app.

The scam began on WhatsApp. The victim was added to a WhatsApp group posing as a professional investment advisory forum. There, the fraudsters lured him with the promise of substantial returns by investing in the stock market and IPOs. In July, the victim was sent a link and asked to fill out an online form. Upon completing the form, he was instructed to install a suspicious mobile app, which was the primary means of fraud.

First, he won trust by giving profits, then cheated him of Rs 16 lakh.

The fraudsters used a cunning trick to gain the victim's trust. When the victim initially invested Rs 5,000, he was immediately given a return of Rs 5,245. Seeing this profit, the victim became convinced that this company and the work were genuine. After this, he got convinced and transferred a total of Rs 16 lakh to different bank accounts told by the fraudsters. After some time, when the victim checked his wallet in the app, he saw a loan of Rs 18 lakh instead of the investment, which surprised him.

If you want to withdraw money, ask for another 9 lakh rupees.

When the panicked victim tried to withdraw his invested money, it was not possible. When he contacted the fraudsters, they demanded another ₹9 lakh as a "processing fee" to release the money. Only then did the victim realize he had fallen victim to cyber fraud. He immediately filed a police report. The police have registered a case and begun an investigation, and advise people to be cautious of such WhatsApp groups and tempting promises.