Elderly Person Cheated Out of Rs 2.7 Crore Through a WhatsApp Group, Victim Made Through Fake Trading App

A 77-year-old retired auto engineer living in Krishna Nagar, East Delhi, became the victim of a big investment scam. The swindlers cheated him of more than Rs 2.7 crore by luring him with huge profits in the stock market. This entire incident was carried out through a WhatsApp group and a fake trading app.

The elderly man received a message on WhatsApp, after which he was added to a group of around 100 people. The group looked busy and engaging, as people kept posting trading tips, market advice, and profit screenshots almost every day. This made the group appear trustworthy. The person running the group claimed to be the director of a well-known trading platform. Along with others in the group, he encouraged people to invest in shares through a mobile app. This app looked exactly like the real trading app.

The old man began investing in shares through the app using both his and his wife’s bank accounts. The app kept showing profits, so everything looked genuine. Over time, his portfolio seemed to grow to around Rs 8.2 crore. Seeing this, he felt more confident and continued to put in more money. Others in the group also shared screenshots daily, claiming to make profits ranging from Rs 19 lakh to Rs 35 lakh in a day. The logo and design of the app also looked very real, so they did not get suspicious.

In early March, he was offered a special investment in a company. He was reportedly allotted 1.6 lakh shares at Rs 804 per share, the total value of which was said to be over Rs 13 crore. This amount was adjusted in his so-called “subscription account“. When the old man tried to withdraw his money, he was not successful. Evacuation did not occur despite repeated attempts. Then he realised that he had been cheated. After this, he lodged a complaint with the police.

The victim said that he had saved this money for the future of his daughter, who had recently returned from the UAE. He also said that his 24-year-old son had died in a bike accident in Mehrauli in 2006. Since then, the family’s savings kept getting spent slowly. Now, after this fraud, they have no source of income left. His wife also has foot problems due to diabetes and has no money for treatment.

Police registered the case on 3 April. The case is under investigation by the IFSO and the Economic Offences Wing. The investigating agencies are probing the financial transactions, digital evidence, and the role of the people involved in this fraud.