How a WhatsApp trading scam cost a Kerala man Rs 71 lakh
A Kerala man recently lost Rs 71 lakh in WhatsApp trading scam.
It all began when the man, a seasoned trader, received a WhatsApp message in December last year.
The scammers made the opportunity seem too good to ignore, so the man decided to invest a small amount.
In today’s digital world, online scams are becoming increasingly sophisticated, making it easier for fraudsters to target unsuspecting individuals. A 60-year-old man from Kerala recently became a victim of one such scam, losing Rs 71.75 lakh. This unfortunate incident highlights the dangers of trusting unsolicited investment opportunities online, especially when they come through popular messaging apps like WhatsApp.
It all began when the man, a seasoned trader, received a WhatsApp message in December last year. The message promised lucrative returns on investments, claiming to be from trading experts. At first, he was skeptical but was soon convinced by the convincing pitch and the assurance of guaranteed profits. The scammers made the opportunity seem too good to ignore, so the man decided to invest a small amount.
Also read: Bengaluru techie loses Rs 11cr in fake money laundering case: Here’s what happened
To make the scheme look legitimate, the fraudsters instructed him to download a trading app where he could track his investments. The app appeared professional and showed his funds growing steadily, which built his trust. Encouraged by these early returns, the man continued to invest, making a total of 12 transactions over the next few weeks, with his final investment on January 10.
However, things took a turn for the worse when the man tried to withdraw his earnings. The scammers claimed there were technical issues and insisted that he invest more money to unlock his funds. Growing suspicious, he attempted to withdraw his money several times, but was unsuccessful. It was only then that he realised he had fallen victim to a scam.
Also read: Delhi man loses Rs 9 lakh to fraudsters posing as electricity department officials
How to protect yourself from online scams
- Download apps from official stores: Only use trusted platforms like Google Play or the Apple Store for financial apps.
- Verify platform legitimacy: Always research the platform, check reviews, and confirm if it’s registered with regulatory authorities.
- Be wary of unsolicited offers: Don’t trust random investment tips or offers that promise guaranteed profits.
- Watch out for unrealistic returns: If an investment opportunity sounds too good to be true, it probably is.
- Keep your information private: Never share personal or financial details with unknown contacts.
- Report suspicious activities: If you suspect fraud, report it immediately to the cybercrime cell or at www.cybercrime.gov.in.
Ayushi Jain
Tech news writer by day, BGMI player by night. Combining my passion for tech and gaming to bring you the latest in both worlds. View Full Profile