From fake stocks to deepfakes: Cybercriminals target elderly in rising Indian online scam wave
₹50 lakh after joining a fraudulent stock market scheme organised through a WhatsApp group. The case highlights the vulnerability of elderly citizens in the digital landscape, as they are increasingly targeted by cybercriminals with sophisticated tactics.The incident unfolded when the victim, intrigued by a WhatsApp group titled “Stock Discussion Group," joined to learn more about investment opportunities.
The group administrator, Kunal Singh, presented himself as a well-established financial advisor, claiming exceptional returns on investments and enticing potential investors with tales of his past clients' financial success.Singh boasted of a “2022 stock class" that, he alleged, had produced returns as high as 500 per cent on select stocks, reported The Hindu. Encouraged by the group discussions, the Hyderabad resident enrolled in online sessions, hoping to gain insights into profitable stock trading strategies.The online classes were facilitated through links shared on the WhatsApp group, directing participants to private virtual sessions where Singh provided market insights and specific stock recommendations.
During these sessions, the fraudster encouraged the attendees to invest through a platform named “Skyrim Capital," which he fraudulently presented as a legitimate financial service provider.At first, the victim invested small amounts and was shown supposed profits that heightened his confidence in the scheme. Gradually, Singh convinced him to increase his investments with promises of even greater returns.
Over time, the victim invested a total of ₹50 lakh, which he transferred across multiple accounts and beneficiary names, a tactic commonly used by fraudsters to evade detection. However, when he attempted to
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