Retired captain cheated of ₹ 11.1 crore in WhatsApp share market scam- All details
A 75-year-old retired captain from Colaba, Mumbai, is missing $11.1 crore in a share market scam. The scam began when a stranger added the victim to a WhatsApp group, claiming to offer valuable investment advice. The group appears legitimate as it appears to be affiliated with a well-known financial services company.
The scam starts with a fake WhatsApp group
On August 19, the victim received an invitation to join a WhatsApp group named after a famous financial company. The group administrator, who introduced herself as Anya Smith, shared investment strategies and stock opportunities, leading victims to believe that the group was genuine. As an experienced investor, he expressed interest in joining the exchange.
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The scammers then added the victim to another WhatsApp group and sent him a link to download the trading app. After installing the app, victims receive messages about various investment opportunities, including IPO and OTC trading. He was introduced to associates and they convinced him to transfer money to several bank accounts to invest in recommended stocks.
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From September 5 to October 19, the victim made 22 transactions, transferring a total of $11.16 billion VND. When he questioned why the money was going into different accounts, the scammers claimed it was to “save taxes”. They then demanded 20% service tax on his investments for withdrawal. Even though they have paid the fee, they continue to ask for more money for many different reasons.
The victim eventually became suspicious and visited the finance company’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 important to verify the legitimacy of any investment platform and avoid participating in unknown WhatsApp groups.
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 strange WhatsApp groups.
- Be cautious with programs that promise quick and high profits.
