Bengaluru: A promise of massive stock market returns cost a 65-year-old engineering college professor Rs 1.2 crore after he fell victim to a WhatsApp investment scam. Fraudsters allegedly lured him into downloading fake trading apps and persuaded him to transfer money to bank accounts they provided, promising substantial profits.
Between Oct 1 and 31, he transferred a total of Rs 1.2 crore from two bank accounts. On Oct 1, Joseph initially transferred Rs 2 lakh through RTGS from one of his bank accounts to an account provided by the fraudsters. However, when he tried to withdraw his money and the fraudsters repeatedly insisted that he invest more, he realised he had been cheated. The fraudsters subsequently shared bank account details through WhatsApp and instructed him to transfer money to those accounts for trading. They also recommended stocks for him to purchase through the apps and advised him to sell them the following day after the stock market opened, promising substantial returns. The amount was reflected in the trading app along with apparent profits, reinforcing his belief that the platform was genuine. Never transfer investment money to personal bank accounts shared by unknown group administrators. You Can Also Check: Gold Rate in Bengaluru | Silver Rate in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru | Bengaluru AQI | Weather in Bengaluru | Petrol Price in Bengaluru | Diesel Price in Bengaluru | CNG Price in Bengaluru | LPG Price in Bengaluru
He subsequently began receiving WhatsApp messages from two groups named ‘EQIRUS CONNECT B310’ and ‘AXIS GROWTH FORUM PP’. The group administrators regularly shared trading tips and claimed that investing in stocks and trading regularly could fetch huge profits. Some members, who were allegedly part of the fraud network, also posted screenshots of their profits and bank credits to make the scheme appear genuine. Convinced by these claims, Joseph agreed to invest. The fraudsters provided him with online training and promised to guide him through the investment process using what they claimed were legitimate trading platforms.