WhatsApp share market scam dupe: Mumbai man loses ₹11.1 crore in fake investment scheme

livemint.com:

₹11.1 crore. The victim, a former ship captain, fell prey to a well-orchestrated scam that began through a WhatsApp group, reported ET.As per the publication, the elderly man was added to the group on August 19, under the guise of a reputed financial services company.

An individual who introduced herself as ‘Anya Smith’ quickly made promises of lucrative investment opportunities in the share market. The victim, who had some prior experience in trading, was initially swayed by the information and regular updates shared in the group, leading him to believe it was a legitimate platform.Soon after, the scammers moved the victim to a separate WhatsApp group, where they sent him a link to download a fake trading app.

Once installed, the app appeared to offer various high-return investment options, including institutional accounts, over-the-counter (OTC) trading, and initial public offerings (IPOs). In the following weeks, the victim was pressured to make multiple transactions, with funds transferred into several bank accounts provided by the scammers.Between September 5 and October 19, the victim made 22 separate payments, totalling ₹11.16 crore.

When he inquired about the use of multiple bank accounts, the scammers reassured him it was to “save taxes." However, the fraud did not stop there. Days later, the victim was informed he would need to pay a 20 per cent service tax on his investments before he could access his funds.

Despite paying this amount, the fraudsters continued to demand further payments under various pretexts.Growing suspicious, the victim visited the physical headquarters of the financial services company, only to discover he had been dealing with a fraudulent group. Realising he had been duped, he reported