Mumbai man loses Rs. 9000000 to ‘fake’ WhatsApp group: How it happened and tips to protect yourself

A Mumbai resident lost Rs. 90 lakh to a WhatsApp investment scam. Know how the fraud unfolded and discover essential tips to safeguard against such schemes.

A Mumbai man has lost Rs. 90 lakh to a WhatsApp investment scam. (Pexels)

A resident of Mumbai has been deceived in an investment scam involving a WhatsApp group. The individual lost Rs. 90 lakh after joining a group that promised expert investment guidance.

How the Scam Unfolded

According to The Indian Express, the Mumbai resident joined a WhatsApp group that presented itself as being run by "foreign experts" offering lucrative investment tips. The group claimed to provide strategies for earning significant profits quickly.

Convinced by the group's credentials and communications, the victim joined and became active in discussions. The scammers tricked him into creating a Institutional trading account using a mobile app available on the Play Store. After installing the app, the victim was instructed to transfer Rs. 90 lakh into a broker's bank account to commence trading. Initially, the victim saw a virtual balance of Rs. 15.69 crore.

However, when the victim attempted to withdraw the funds, the scammers blocked access to the account and demanded an additional 10% "Profit Sharing" fee amounting to Rs. 1.45 crore. When the victim realised he had been duped, he observed he had lost around Rs. 90 lakh.

Tips to Avoid Such Scams

1. Be Cautious of Unsolicited Messages: Exercise caution when receiving investment offers from unknown sources. Reputable investment firms do not typically make contact through unsolicited messages.

2. Verify the Sender's Identity: Confirm the identity of the sender before engaging or investing. Look for verified account indicators.

3. Research Investment Options: Avoid investing in the unknown. Conduct in-depth research and consult with a financial expert to make informed investment choices.

4. Avoid High-Pressure Sales: Scammers often use urgent tactics to push victims into making quick decisions. If you feel pressurised, consider it a warning sign.

5. Beware of Guaranteed Returns: All investments carry risk. Promises of guaranteed returns with no risk are likely fraudulent.

6. Protect Personal Information: Do not share personal or financial details with unverified individuals.

7. Report Suspicious Activities: If you suspect a scam, report it to WhatsApp and relevant authorities immediately.