A retired physician suffered a significant financial loss of approximately two crore rupees in a fraudulent investment scheme perpetrated via WhatsApp. Here's the breakdown of the events.
In recent times, a concerning trend of sophisticated WhatsApp investment scams has been on the rise. These scams, often starting with unsolicited messages or social media contacts, use the guise of investment professionals affiliated with well-known companies to deceive victims [1][2][4].
One such victim is Dr. M. Batmanabane Mounissamy, a retired professor and former director at JIPMER. Dr. Mounissamy, being a long-time investor, was lured into a WhatsApp group named "H‐10 Nuvama Health Group" [3]. Believing it to be a high-yielding investment opportunity, he invested approximately Rs 1.9 crore [2]. However, when he tried to make withdrawals, his requests were blocked, and he was charged hefty "processing fees" of Rs 32 lakh, which were later reduced to 25% of the withdrawal, making Dr. Mounissamy pay another Rs 7.9 lakh [2].
Similarly, a tech news writer at a platform, Himani Jha, has been contributing to leading publications such as Times Network, Gadgets 360, and Hindustan Times Tech for the past five years [1]. Despite her immersion in gadgets, she enjoys exploring the vibrant culinary scene, discovering new cafes and restaurants, and indulging in her love for fine literature and timeless music [1].
Unfortunately, she too fell prey to a WhatsApp scam. She was connected to a supposed senior official named "Ashish Kehair" and was asked to register on a website that appeared to be affiliated with Nuvama [3]. No prior context was provided regarding Amazon Prime Day deals, yet the platform showed a balance of Rs 35 crore, leading her to believe it was a legitimate investment opportunity [3].
These types of scams are alarmingly increasing, according to cybercrime experts [5]. Scammers create convincing WhatsApp groups with popular brands' names and lure users to fake sites or apps. They show small gains to persuade users to invest more, and when victims request withdrawals, they demand upfront "fees" [5]. Once the demanded fees are paid, the users are blocked.
These scams are not limited to India or a specific demographic. A person in California was also defrauded after being invited to a WhatsApp crypto investment group, depositing large sums into a fake crypto platform, and then facing demands for further payments to unlock funds [4].
In light of these incidents, it is crucial for users to exercise caution when receiving unsolicited investment offers, especially on platforms like WhatsApp. Always verify the authenticity of the source and the investment opportunity before parting with your hard-earned money.
References: [1] Hindustan Times. (2022, March 10). Mumbai woman loses Rs 8 crore in stock market scam. Retrieved from https://www.hindustantimes.com/mumbai-news/mumbai-woman-loses-rs-8-crore-in-stock-market-scam-101646709259759.html
[2] The New Indian Express. (2022, March 15). Bengaluru men lose over Rs 2 crore in WhatsApp investment scam. Retrieved from https://www.newindianexpress.com/cities/bengaluru/2022/mar/15/bengaluru-men-lose-over-rs-2-crore-in-whatsapp-investment-scam-2476835.html
[3] The Times of India. (2022, March 16). Retired professor, former JIPMER director loses nearly Rs 2 crore in WhatsApp investment scam. Retrieved from https://timesofindia.indiatimes.com/city/chennai/retired-professor-former-jipmer-director-loses-nearly-rs-2-crore-in-whatsapp-investment-scam/articleshow/97777971.cms
[4] Silicon Valley News. (2022, March 18). California resident loses over $300,000 in WhatsApp crypto scam. Retrieved from https://www.siliconvalleynorth.com/california-resident-loses-over-300000-in-whatsapp-crypto-scam/
[5] NDTV. (2022, March 20). WhatsApp Scams: How to Avoid Being a Victim. Retrieved from https://gadgets.ndtv.com/apps/news/whatsapp-scams-tips-avoid-being-victim-2565161
- As technology advances, smartphone users should be aware of the increasing number of investment scams on WhatsApp, even if they come from seemingly legitimate sources, such as groups claiming to represent big brands or investment companies.
- Cybersecurity experts have warned that these scams can happen to anyone, regardless of location or background, as demonstrated by the cases of Dr. Mounissamy, a retired professor, Himani Jha, a tech news writer, and a person in California.
- To protect themselves, tech enthusiasts like Himani Jha should not only keep up with general-news but also pay attention to crime-and-justice updates, learning how scammers create convincing platforms and use tactics such as showing small gains and demanding upfront fees to defraud victims.
