Outlook Business Desk
A man from Bhuj lost over ₹16 lakh after being tricked by a WhatsApp investment scam. This case highlights the rising threat of digital financial fraud in India and growing online risks.
The scam started on April 21 when Ajitsinh Jadeja was added to a WhatsApp group. The group shared stock tips and market commentary, gradually building trust and creating a false sense of credibility.
On July 4, Jadeja received a WhatsApp link from an unknown contact, asking him to submit personal details and download an app promising stock market and IPO investment opportunities.
Between July 10 and August 21, Jadeja sent over ₹16 lakh in multiple installments to various bank accounts provided via the app and messages. Small initial profits encouraged him to invest larger amounts.
The app displayed a fake ₹18 lakh loan after an alleged IPO allocation. When Jadeja tried to withdraw, the transaction failed. Scammers demanded an extra ₹9 lakh as a processing fee before releasing funds.
Realising the fraud, Jadeja contacted the national cyber helpline and filed a formal complaint. Police registered a case under the Indian Penal Code and Information Technology Act and began tracing involved accounts.
The incident shows how WhatsApp scams exploit trust and deception. Scammers create professional-looking groups, provide fake tips, and lure victims into apps, manipulating users into sharing money and personal data.
After the scam, Jadeja secured his phone and accounts by enabling two-step verification, app locks, group restrictions, encrypted backups, and disappearing messages, limiting further risk and protecting sensitive information.