# Retired man from Mumbai 'invests' ₹11.1 crore online to get richer. Scammed | Tech News (HT Tech) > A retired Mumbai ship captain was tricked into losing Rs. 11.1 crore through a fraudulent WhatsApp group promising lucrative share market investments. Here's how it happened. # Retired man from Mumbai 'invests' ₹11.1 crore online to get richer. Scammed ## A retired Mumbai ship captain was tricked into losing Rs. 11.1 crore through a fraudulent WhatsApp group promising lucrative share market investments. Here's how it happened. Nov 30 2024, 09:09 IST ![Follow on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/follow-us-facebook.png) ![Follow on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/follow-us-facebook-hover.png) ![Share](https://images.hindustantimes.com/tech/static/revamp/images/png/Share.png) ![Share](https://images.hindustantimes.com/tech/static/revamp/images/png/Shareclicked.png) ![Share on WhatsApp](https://images.hindustantimes.com/tech/static/revamp/images/png/whatsapp.png) ![Share on WhatsApp](https://images.hindustantimes.com/tech/static/revamp/images/png/whatsapp-hover.png) ![Share on Twitter](https://images.hindustantimes.com/tech/static/revamp/images/png/twitter.png) ![Share on Twitter](https://images.hindustantimes.com/tech/static/revamp/images/png/twitter-hover.png) ![Share on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/facebook.png) ![Share on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/facebook-hover.png) ![Bookmark](https://images.hindustantimes.com/tech/static/revamp/images/png/Bookmark.png) ![Bookmarked](https://images.hindustantimes.com/tech/static/revamp/images/png/Bookmarked.png) ![Share market scam](https://images.hindustantimes.com/tech/img/2024/11/29/1600x900/Online_Scam_1732885632995_1732885633242.jpg) A 75-year-old retired ship captain lost Rs. 11.1 crore in a WhatsApp-based share market scam, (Pixabay) ![Author Photo](https://images.hindustantimes.com/tech/static/revamp/images/png/HTTech-new-circle-logo.png) ### By HT TECH A 75-year-old retired ship captain from Colaba, Mumbai, lost ₹11.1 crore in a share market scam. The fraud began when an unknown person added the victim to a WhatsApp group, claiming to offer valuable investment advice. The group seemed legitimate, as it appeared to be associated with a well-known financial services company. ## Scam Starts with a Fake WhatsApp Group On August 19, the victim received an invitation to a WhatsApp group with the name of a reputed financial firm. The group administrator, introducing herself as Anya Smith, shared investment strategies and stock opportunities, which led the victim to believe the group was genuine. As an experienced investor, he expressed interest in joining the trading platform. Also read: Ed Sheeran announces 2025 India tour: Dates, cities, ticket pre-booking, and exclusive offers revealed Also read click here. The scammers then added the victim to another WhatsApp group and sent him a link to download a trading app. After installing the app, the victim received messages about various investment opportunities, including IPOs and OTC trades. He was introduced to associates who convinced him to transfer money to several bank accounts for investments in recommended stocks. Also read: ISRO to launch Proba-3 to simulate solar eclipse and unlock secrets of the Sun- Details Between September 5 and October 19, the victim made 22 transactions, transferring a total of ₹11.16 crore. When he questioned why the money was going to different accounts, the scammers claimed it was to "save taxes." Later, they demanded a 20 percent service tax on his investments to withdraw his funds. Despite paying the fee, they continued to ask for more money under different pretexts. The victim eventually grew suspicious and visited the financial firm's office, where he learned he had been scammed. He reported the incident to the police. This incident serves as a stark reminder of the growing number of scams targeting individuals interested in the share market. It is crucial to verify the legitimacy of any investment platform and avoid engaging with unknown WhatsApp groups. Also read: Australia bans social media for children under 16, brings world first law to protect young minds ## Tips to Avoid Such Scams: - Always verify the legitimacy of investment apps or platforms by contacting the company directly. - Avoid clicking on links shared in unfamiliar WhatsApp groups. - Be cautious of schemes promising quick and high returns. Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. 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