Online Trading Scam Via WhatsApp Costs Indian Investor Rs 75 Lakhs

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Cyber Fraud Exposed: Retired Engineer Loses ₹75 Lakh

A sophisticated cyber fraud scheme has been uncovered, where a retired telecom engineer fell victim to a scam involving a fake stock-trading platform.

The Incident Unfolds

The victim received an invitation on February 25 to join a trading group supposedly operating in the Indian stock market and the US-based NASDAQ. The message promised assured profits through technical trading strategies and IPO investments.

According to the police, “The victim received regular stock tips, investment strategies, and screenshots showing purported profits made by other members, creating a false sense of credibility.”

Over the next few days, the victim became increasingly confident in the platform, leading to a series of transactions totaling ₹75 lakh between February 25 and March 3.

The Scam Unravels

However, when the victim attempted to withdraw a larger amount, his trading account was suddenly blocked, and the scammers demanded additional funds under the guise of “legal action” if he failed to comply.

According to the police, “This coercive approach eventually led the victim to realize that he had fallen prey to a scam.”

The victim has since approached the cybercrime police and filed a complaint, and authorities are now investigating the case.

Cybercrime Experts Warn of Similar Schemes

Cybercrime experts warn that such scams often involve building trust through initial small profits, followed by demands for increasingly larger investments. They emphasize the importance of verifying the authenticity of platforms and using only authorized and regulated channels for financial transactions.

Law Enforcement Agencies Investigate Further

Law enforcement agencies are working to identify the accused and unravel the broader network behind the operation, while also investigating potential targets who may have been affected using a similar modus operandi.