44-year-old Gandhinagar businessman loses ₹3.24 crore to stock trading scam via WhatsApp group and private app

Summary

A 44-year-old businessman from Gandhinagar lost ₹3.24 crore in a trading scam after being targeted by fraudsters posing as stock trading advisors. On May 28, he received a message from an unknown number inviting him to a WhatsApp group run by individuals claiming to be 'Prisha Singh' and 'Purav Jhaveri'. Over six weeks, the fraudsters provided fake market tips and claimed privileged access to IPOs, convincing the victim to download a trading app through a private link. Between May 30 and July 9, the victim transferred ₹3.24 crore from three personal accounts to 20 beneficiary accounts across various banks. The fraudsters allowed a 5 lakh withdrawal on June 20 to build trust, after which the victim deposited an additional ₹1 crore. On July 8, the app showed a 30 crore profit, but when the victim tried to withdraw, the fraudsters demanded a 15% clearance fee. After failing to retrieve the money, the victim contacted the national cyberfraud helpline on July 10 and filed a written complaint with the Telangana State Cyber Security Bureau (TGCSB) on July 11. A case was registered under Sections 318(4), 319(2), 338 of BNS and 66D of the IT Act.