A resident of Noida has been defrauded of a staggering sum of nearly Rs 82 lakh after falling prey to an elaborate investment scam that originated from a simple WhatsApp group invitation. The victim, whose hopes of lucrative returns from Initial Public Offerings (IPOs) were ruthlessly exploited, ended up losing his life savings and even taking loans to fund the fraudulent scheme.
The Deceptive WhatsApp Invitation and False Promises
The incident began on October 29, when the victim was added to a WhatsApp group by individuals falsely claiming to represent the reputable financial firm 'Anand Rathi Wealth Management'. Posing as genuine investment advisors, the fraudsters built a facade of credibility and convinced the man to invest in upcoming IPOs of well-known companies. Trusting their professional guise, the complainant started transferring money into various bank accounts provided by the group members.
The payments, made between October and December, varied widely in amount, ranging from a smaller sum of Rs 10,000 to a massive single transaction of Rs 10 lakh. To maintain the illusion of a legitimate investment operation, the cyber criminals regularly sent the victim fabricated profit statements. These documents falsely showed his investments growing, which successfully encouraged him to pour even larger amounts of money into the scheme.
Desperate Loans and the Final Betrayal
Blinded by the promise of high returns and misled by the fake statements, the victim took a drastic step to increase his investments. He secured loans from multiple banks, plunging himself into debt in a desperate bid to multiply his supposed profits. The elaborate deception continued uninterrupted until he attempted to withdraw a portion of his accumulated gains.
At this critical moment, the scamsters revealed their true intent. They demanded an exorbitant Rs 60.8 lakh as commission and an additional Rs 91 lakh for taxes before any withdrawal could be processed. The victim managed to arrange and pay Rs 20 lakh towards these demands. However, as the fraudsters kept escalating their requests for more money, the man finally realized he had been cheated in a sophisticated financial trap.
Police Case Filed and Legal Action Initiated
The victim subsequently approached the Cyber Crime police and filed a formal complaint. In the First Information Report (FIR), he stated a total loss of Rs 81.8 lakh and named one of the suspected fraudsters as Ganesh Mangalam. Based on the complaint, the police have registered a case of cheating.
The legal action invokes sections 318(2) and 319(4) of the Bharatiya Nyaya Sanhita (BNS), alongside Section 66D of the Information Technology Act. This case highlights the growing menace of organized cyber frauds that use popular messaging platforms and impersonate trusted financial brands to lure unsuspecting individuals. It serves as a stark warning for the public to exercise extreme caution with unsolicited investment offers received through social media or messaging apps.
