A resident of Gujarat’s Kutch district has fallen victim to an elaborate online investment scam, losing Rs 16 lakh after being drawn into a fraudulent stock market scheme operated through WhatsApp, officials confirmed.
The fraud unfolded when the victim was unknowingly added to a WhatsApp group that portrayed itself as an exclusive financial learning and investment community. The group appeared active and professional, with regular posts claiming successful trades, IPO gains, and expert market analysis, all designed to build credibility.
According to the complaint, the group administrators gradually encouraged members to invest through a so-called trading platform. In July, the victim received a web link that led to a registration form. After submitting his details, he was instructed to download a mobile application, which was presented as an authorised investment app.
To establish trust, the scammers allowed a small initial transaction. The victim invested Rs 5,000 and soon received a modest profit, reinforcing the belief that the system was legitimate. This early payout proved to be the turning point.
Confident in the platform, the victim proceeded to make multiple transfers over the following days, sending money to various bank accounts shared by the operators. In total, Rs 16 lakh was transferred under the impression that it was being invested in stocks and IPO opportunities.
The deception became apparent when the victim discovered that his app wallet showed an unexpected loan amount of Rs 18 lakh. Attempts to withdraw funds failed repeatedly. When he contacted the individuals behind the scheme, he was asked to pay an additional ₹9 lakh, allegedly required to process the withdrawal.
At this stage, the victim realised he had been deceived and approached the police. A case has been registered, and cybercrime officials have launched an investigation to trace the accounts and digital trail linked to the fraud.
Authorities have urged people to remain cautious of WhatsApp groups or online platforms that promise guaranteed or unusually high returns. Such schemes, police warn, are a common tactic used by cybercriminals and have already trapped many unsuspecting investors.
