Cybersecurity Expert Loses ₹73 Lakh in WhatsApp Trading Scam
A Pune-based cybersecurity professional lost ₹73.69 lakh in a sophisticated WhatsApp trading scam, highlighting that even experts can fall victim to online fraud.
Key Takeaways
- Cybersecurity expert lost ₹73.69 lakh through 55 bank transfers
- Scammers used fake WhatsApp group with 100+ members showing fake profits
- Victim shown fake balance of ₹2.33 crore before being asked for 10% ‘tax’
- Police warn about fake SEBI-registered advisors on messaging platforms
How the Scam Unfolded
The incident began in August when the professional received a message from an international WhatsApp number containing a suspicious link. Clicking it added him to a group chat with over 100 members who were sharing fake profit screenshots from a supposed stock-trading app.
The group administrator instructed him to complete a form and log into the trading app, promising exclusive guidance and high returns. Between August 8 and September 1, the victim made 55 separate transfers totaling ₹73.69 lakh to bank accounts across multiple Indian cities including Chennai, Bhadrak, Ferozepur, Ulhasnagar, Pimpri-Chinchwad, and Gurugram.
The Reality Check
When the victim attempted to withdraw his supposed earnings of ₹2.33 crore, the scammers demanded a 10% ‘tax’ payment before processing the withdrawal. Realizing he had been duped, the cybersecurity expert filed a formal complaint with Pune Cybercrime Police.
Growing Threat of Fake Trading Scams
Investigators note that such investment scams are increasingly common on WhatsApp and Telegram. Scammers pose as or foreign investors, urging users to download fake apps that mimic legitimate trading platforms.
Victims believe they’re trading in real stocks or IPOs until they attempt to withdraw funds, at which point the apps disappear. Despite repeated warnings from SEBI and police departments, these scams continue to target even financially literate professionals.
Protection Measures
Authorities advise citizens to:
- Verify trading platforms through official SEBI registrations
- Avoid unsolicited investment offers on messaging apps
- Never transfer money to unknown bank accounts
- Be skeptical of groups showing consistent high returns
