A private sector employee from Bhuj in Gujarat's Kutch district has fallen victim to a sophisticated cyber fraud, losing a staggering sum of more than Rs 16 lakh to criminals operating a fake stock market investment scheme on WhatsApp.
The Modus Operandi: Gaining Trust Through a WhatsApp Group
The victim, identified as Ajitsinh Jadeja, approached the Cyber police station, Border Range Bhuj, with a detailed complaint. According to the police, the scam began on April 21 when Jadeja was added to a WhatsApp group by an unknown number. The group presented itself as a legitimate investment advisory platform, sharing daily tips on stocks and IPOs to build credibility among its members.
Over time, the fraudsters gained Jadeja's confidence. On July 4, while he was exploring investment options, he received an online form via WhatsApp from another unknown contact. After he filled and returned the form, he was instructed to download a specific mobile application using a link sent on the messaging platform.
The Trap is Sprung: Installments and False Profits
Between July 10 and August 21, Jadeja transferred funds in multiple instalments to various bank accounts provided by the fraudsters. He started with an initial deposit of Rs 5,000. Following this first payment, he received a return of approximately Rs 5,245, which successfully reinforced his trust in the scheme and prompted him to invest much larger amounts.
The situation escalated when the accused pressured him to invest more money. After Jadeja refused, they informed him that their company would provide a loan for investment. They showed him that Rs 18 lakh had been credited to his app wallet, his IPO application was successful, and his portfolio was showing profits.
The Final Demand and Police Action
The fraud was fully exposed when Jadeja tried to withdraw the funds to his bank account and the transaction failed. The fraudsters then demanded that he deposit 50% of the loan amount (Rs 9 lakh) as a processing fee before any withdrawal could be made. Sensing foul play, Jadeja immediately contacted the national cyber helpline number 1930 and filed a formal police complaint.
In his complaint, Jadeja has named multiple bank account holders, suspecting their involvement in the elaborate fraud. The Bhuj police have registered an offence under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act. An investigation is currently underway to trace the accused and recover the lost money.
This case highlights the increasing sophistication of cyber criminals who use popular platforms like WhatsApp to lure victims with promises of high returns. Authorities urge the public to exercise extreme caution with unsolicited investment offers and to verify the legitimacy of any financial platform before transferring money.
