Scammers Exploit Trust Through Fake DBS App and WhatsApp Group
A 65-year-old retired engineer from Miyapur has fallen victim to a sophisticated scam, losing approximately $130,000 (1.28 crore rupees) to fraudsters who utilized a fake DBS crypto trading app and a promotional WhatsApp group. Cybercrime authorities have issued urgent warnings to the public regarding such fraudulent investment schemes.
The victim, who previously worked for a government enterprise, filed a complaint with the Cyberabad cybercrime police on Friday detailing the extensive loss.
How the Scam Unfolded
The incident began on November 4 when scammers added the engineer to a WhatsApp group named “531 DBS Stock Profit Growth Wealth Group.” The group was managed by an individual posing as Professor Rajat Verma, with another participant, Meena Bhatt, acting as an analyst. These operators enticed the victim to download a mobile application identified as DBS, which was developed under the domain name ggtkss.cc.
The scammers presented the victim with an exclusive opportunity to participate in block trades and high-quality initial public offering allocations, claiming these were unavailable to ordinary investors. To build trust, the fraudsters initially allowed the victim to withdraw Rs 5,000 from his initial investment of Rs 1 lakh made on November 4. This small, successful withdrawal encouraged the victim to make further, significantly larger investments.
Between November 4 and December 5, the victim made a series of transfers, totaling over 1.2 crore rupees, through various bank accounts and Unified Payments Interface (UPI) transactions. These investments included subscriptions to the Capital Small Finance Bank IPO and participation in a share repurchase program.
The situation took a critical turn when the victim attempted to withdraw his accumulated earnings. At this point, the scammers demanded a 20 percent fee before permanently revoking the victim's access to his account. Following this, the victim lodged his complaint with the Cyberabad cybercrime police.
Authorities have registered a case under relevant sections of the Bharatiya Nyaya Sanhita and the Information Technology Act, including Sections 318(4), 319(2), 336(3), 338, and 340(2) of the Bharatiya Nyaya Sanhita, read with Section 3(5), and Section 66-D of the Information Technology Act.
Cybercrime Warnings and Advice
In light of this incident, cybercrime experts are strongly advising investors to exercise extreme caution. They emphasize the importance of verifying the legitimacy of investment platforms and confirming their regulatory approvals before committing any funds. Authorities have highlighted that the use of fraudulent credentials and the promise of guaranteed returns are common tactics employed by scammers to lure unsuspecting victims.
Individuals who encounter suspicious activities or believe they have been targeted by a scam are urged to report such incidents to cybercrime authorities immediately. Prompt reporting can aid in investigations and potentially prevent further victims.