A 75-year-old retired ship captain from Colaba, Mumbai, fell victim to a sophisticated cyber fraud, losing approximately ₹11.16 crore between August and November 2024. The scam began on August 19 when the victim was added to a WhatsApp group named after a reputable financial services company. The group administrator, identifying herself as Anya Smith, shared investment strategies and stock market opportunities, convincing the victim of the group's legitimacy.

Expressing interest in their trading platform, the victim was directed to download a purported trading app via a link provided in the group. Through this app, he received information about various investment opportunities, including institutional account trading, over-the-counter (OTC) trading, and initial public offerings (IPOs). Smith and her associates persuaded him to transfer funds to multiple bank accounts for investing in recommended stocks.

Between September 5 and October 19, the victim made 22 transactions, transferring a total of ₹11.16 crore to various accounts. When he questioned the necessity of using different accounts, the scammers claimed it was to "save taxes." Later, they demanded a 20% service tax on his investments to facilitate fund withdrawal. Despite paying this amount, additional charges were requested under various pretexts. Realizing he had been duped, the victim visited the headquarters of the financial services company and confirmed the fraudulent nature of the group. He subsequently filed a complaint with the South Cyber Police Station.

During the investigation, authorities discovered that the fraudsters had utilized multiple bank accounts across India to siphon off the funds. The accounts were traced to banks such as UCO Bank, ICICI Bank, Canara Bank, Bandhan Bank, Bank of Maharashtra, and Catholic Syrian Bank, with branches in cities including Bhopal, Nagpur, Surat, Hyderabad, Ghazipur, Lucknow, Banaskantha, Howrah, Bharuch, Bhilai, and Jaipur. One individual, Kaif Ibrahim Mansuri, was arrested in connection with the case. Police found 33 debit cards and 12 chequebooks from different banks in his possession. Further investigations are ongoing to identify and apprehend other individuals involved in the scam.

This incident underscores the increasing prevalence of cyber frauds exploiting individuals' interest in stock market investments. Scammers often create fake WhatsApp groups under the guise of reputable companies to lure victims into investing through fraudulent apps. Even those familiar with digital platforms can fall prey to such schemes.

Preventive Measures:

• Verify Legitimacy: Before investing, confirm the authenticity of the app or platform by checking official websites and contacting the company through official channels.

• Exercise Caution with Unknown Groups: Avoid engaging with unfamiliar WhatsApp groups or clicking on links shared by unknown individuals.

• Be Skeptical of High Returns: Be wary of schemes promising quick and high returns, as they are often indicative of scams.

• Consult Financial Advisors: Seek advice from certified financial advisors before making significant investments.

By adhering to these precautions, individuals can protect themselves from falling victim to similar fraudulent schemes.