Hyderabad: Woman loses Rs 1.52 crore in fake investment scam on WhatsApp

Hyderabad: A 45-year-old city-based housewife has lost Rs 1.52 crore in a well-orchestrated investment scam.

The woman, who holds a master’s degree, was drawn into the scam after being added to a WhatsApp group that falsely claimed to offer lucrative stock and mutual fund investment opportunities.

Victim lured via WhatsApp investment group

The victim was invited to join a WhatsApp group where members discussed high-return investments in upper circuit stocks, SME and mainboard IPOs, and mutual funds.

She opened an account using a link shared in the group and began investing significant sums, trusting the group’s credibility.

Allotted fake shares and pressured for more investment

She was allotted fake shares in large quantities and urged to keep investing. When she attempted a partial withdrawal, she was asked to pay a 10% commission as a “service fee.”

Even after paying, her withdrawal requests were blocked repeatedly with excuses such as a “jumbled” account number, forcing her to pay multiple times.

Scam uncovered: Forged mobile app and impersonation

Suspecting deceit, the woman uncovered that the WhatsApp group was impersonating the well-known Anand Rathi Private Client Group.

Further probing revealed that the fraudsters had developed a counterfeit mobile app to trick her into transferring money.

Over a period from June 6 to July 31, she transferred a total of Rs 1.52 crore to the scammers.

Cybercrime police launch probe

Cyberabad Cybercrime police have registered a case under various sections, including 318(4), 319(2), 336(3), 338, 340(2), read with 3(5) BNS and Section 66-D of the IT Act.

An investigation is underway to identify and apprehend those responsible for this elaborate financial fraud.