The Cyberabad cyber crime police have launched an investigation after a 65-year-old retired engineer from Miyapur, Hyderabad, was defrauded of a staggering sum exceeding Rs 1.28 crore. The elaborate scam operated through a WhatsApp group and a counterfeit mobile application that promised exclusive stock market opportunities.
The Elaborate Web of Deception
The victim, a former employee of a public sector undertaking, was added to a WhatsApp group named '531 DBS Stock Profit Growth Wealth Group' on November 4. Within the group, an administrator who identified himself as Professor Rajat Verma and an analyst named Meena Bhatt gained his trust. They convinced him to download a mobile application called 'DBS' from the domain www.ggtkss.cc.
The fraudsters claimed this app provided privileged access to block deals and high-value IPO allotments that were not available to the average retail investor. To build credibility, they allowed the victim to make an initial successful withdrawal.
How the Victim Was Lured Into Investing More
The scam began with an initial deposit of Rs 1 lakh on November 4. The perpetrators permitted him to withdraw Rs 5,000, a classic tactic to establish trust and lower his guard. Over the following month, from November 4 to December 5, he was systematically persuaded to transfer increasingly larger sums of money.
He was told the funds were needed to subscribe to the Capital Small Finance Bank IPO and to cover a share buyback. The victim made cumulative transfers through multiple bank accounts and UPI, which eventually crossed the devastating mark of Rs 1.2 crore, ultimately totaling over Rs 1.28 crore.
The Scam Unravels and Police Action
The deception collapsed when the retired engineer attempted to withdraw his accumulated balance. The fraudsters then demanded a 20% commission for processing the withdrawal and subsequently froze his account on the bogus app. Realizing he had been duped, the victim approached the Cyberabad cyber crime police on Friday to file a formal complaint.
Based on his complaint, the police have registered a case under relevant sections of the new Bharatiya Nyaya Sanhita (BNS), specifically Sections 318(4), 319(2), 336(3), 338, and 340(2) read with 3(5). A case has also been filed under Section 66-D of the IT Act, which pertains to punishment for cheating by personation using a computer resource.
This incident serves as a stark warning for citizens, especially seniors, to be extremely cautious of unsolicited investment advice and links received on messaging platforms like WhatsApp. Experts advise verifying the authenticity of trading platforms through official regulatory bodies like SEBI before investing any money.
