# Mumbai man loses Rs. 9000000 to ‘fake’ WhatsApp group: How it happened and tips to protect yourself | Tech News (HT Tech)
> 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.
# 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.
Aug 27 2024, 19:08 IST
A Mumbai man has lost Rs. 90 lakh to a WhatsApp investment scam. (Pexels)
### By HT TECH
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.
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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.
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## 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.
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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.
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27 Aug, 12:40 IST
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