WhatsApp scam: Delhi resident loses over ₹1 crore to new 'investment plan'- All details | Tech News

WhatsApp scam: Delhi resident loses over 1 crore to new 'investment plan'- All details

A resident of Shalimar Bagh, Northwest Delhi, has become the latest victim of an online scam, losing over 1 crore through a sophisticated scheme run via a WhatsApp group posing as an investment research platform.

| Updated on: May 23 2024, 22:07 IST
WhatsApp investment scam
A Shalimar Bagh resident in Northwest Delhi lost over 1 crore after falling victim to a sophisticated WhatsApp investment scam. The fraudsters lured him with promises of high returns and displayed fake profits on a realistic web interface. (Pixabay)

A resident of Shalimar Bagh in Northwest Delhi has recently fallen victim to a sophisticated online scam after joining a WhatsApp group. This scam lured the victim into investing over 1 crore, exploiting his desire for high returns through deceitful tactics.

The Scam Unveiled

According to a report by the Times of India, the victim was initially contacted by an unknown individual on WhatsApp, who offered a lucrative stock market investment scheme promising substantial returns. The victim was subsequently added to a WhatsApp group that masqueraded as an offline investment research platform. This group, comprising around 150 members, regularly provided stock market tips to gain the trust of participants.

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To establish credibility, the scammers first offered a few profitable investment tips, prompting the victim to invest an initial amount of 50,000 on January 19. As he saw initial positive returns, the victim was gradually convinced to invest more money. However, as the investments increased, withdrawing funds became increasingly difficult. The scammers began demanding additional payments under various pretexts, supposedly to facilitate the withdrawal of his investments.

Financial Exploitation

Over a span of 55 days, the victim ended up investing a total of 1.13 crore in an attempt to withdraw his gains. Throughout this period, all transactions were conducted online. The scammers even created a realistic web interface displaying fake profits, which falsely showed a total of 7.4 crore. This was part of the strategy to convince the victim of the investment's legitimacy and to maximize financial damage before the victim realized the fraud.

This incident highlights the dangers of online investment scams, particularly those leveraging trusted platforms like WhatsApp. To protect oneself from such scams, it is crucial to conduct independent research, be wary of promises of guaranteed returns, verify the legitimacy of investment platforms, and resist pressure tactics. These steps can help individuals avoid falling prey to similar fraudulent schemes.

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First Published Date: 23 May, 10:04 IST

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