Details of the Scam
A retired Indian engineer has fallen victim to scammers, losing over Rs. 1.28 crore (approximately $133,000) after being enticed by promises of substantial profits. The incident, which has been registered with the Indian police, involved scammers luring the victim through WhatsApp and subsequently directing him to a fraudulent cryptocurrency trading platform via a bogus application.
According to reports from the Indian police, the victim is a former public sector employee. He stated that he was added to a WhatsApp group identified as "531 DBS Stock Profit Growth Wealth Group."
Within the group, the administrator introduced himself as Professor Rajat Verma, and an analyst named Meena Bhatt was also presented. Following these introductions, the perpetrators persuaded the victim and other members to download a specific mobile application.
How the Scam Unfolded
The victim reported that group members were instructed to visit the domain www(dot)ggtkss(dot)cc to download the application. The administrator reportedly claimed that by downloading the app, users would gain access to exclusive block deals and high-value IPO allotments that were not available to ordinary investors.
Initial steps of the scam involved building trust. The Indian police stated that the victim deposited Rs. 1 lakh and was permitted to withdraw Rs. 5,000, a tactic designed to make the platform appear legitimate.
The police statement indicated that over the following weeks, between November and early December, the victim was convinced to deposit increasingly larger sums of money. Heeded their advice, he invested substantial amounts to subscribe to the Capital Small Finance Bank IPO and to cover a share buyback.
During this period, the police reported that the victim made deposits totaling approximately Rs. 1.2 crore, transferred through various bank accounts and UPI transactions.
Problems arose when the victim attempted to withdraw some of his accumulated balance. The scammers then informed him that he would need to pay a 20% commission before any withdrawals could be processed. Upon realizing the victim was unwilling to pay this fabricated fee, they proceeded to freeze his account.
Recognizing that he had been defrauded, the Indian engineer reported the incident to the Cyberabad cybercrime police. The police have since registered his complaint and initiated an investigation into the matter.
Police Advisory Amidst Rising Crypto Crimes
Crypto-related crimes in India have seen a notable increase since the beginning of the year, prompting law enforcement agencies to work proactively to combat this trend.
In a similar case, the Indian police reported that an artificial intelligence scientist was also a victim of a crypto investment scam. This scam was reportedly initiated through a matrimony website, where the scientist began communicating with a woman who later introduced him to an investment platform promising financial gains.
Over a three-month period, the scientist claimed to have transferred USDT across 14 separate transactions to this platform. Investigators from the Indian police noted that some of these transactions were directed to an account registered under the name Shankar Sahu. Additionally, over Rs. 13 lakh was reportedly channeled through an entity identified as RR Physiotherapy. The remaining funds were allegedly converted into various digital assets and transferred to wallets located in the United Kingdom and Malaysia, according to Indian police findings.
In light of these incidents, the Indian police have strongly urged the public to remain vigilant and to be aware of the indicators of investment scams. They have issued a warning that fraudulent activities are currently at an all-time high in the country, a situation that has become particularly prevalent leading up to festive seasons.
Authorities are advising residents to seek guidance from experienced and reputable financial experts before making any investments. They also emphasize the importance of reporting any suspected scam incidents promptly to the authorities.