Retired Pharma Consultant Loses Rs 1.21 Crore in WhatsApp Stock Investment Scam
Cyber Crime
Ahmedabad: A retired pharmaceutical consultant residing in Ahmedabad became the victim of an elaborate cyber fraud, losing Rs 1.21 crore after being lured into a fake stock market and IPO investment scheme operated through WhatsApp and a fraudulent trading platform.
As per the complaint, the scam began in March when the senior citizen was contacted through WhatsApp by an individual claiming to represent a financial investment company. Shortly thereafter, he was added to an online investment group where members regularly shared screenshots showing impressive gains from stock trading and IPO investments, creating an impression of legitimacy.
Influenced by the seemingly successful investment stories, the victim was persuaded to download a trading application and invest money in various stock market opportunities. Trusting the authenticity of the platform, he transferred funds through multiple transactions over a period of nearly three months.
The fraud was uncovered when the investor attempted to withdraw his money and the returns displayed on the application. Despite several efforts, he was unable to access the funds, and the individuals managing the scheme eventually stopped responding to his messages and calls.
According to a recent media report in Gujarat Samachar, the victim subsequently approached the cyber crime authorities and lodged a formal complaint. An investigation has been initiated to identify the accused and track the diverted funds.
Officials believe the case reflects a growing trend of cybercriminals using fake investment groups, manipulated profit screenshots, and counterfeit trading applications to attract investors with promises of high returns and quick profits.
