Abbott Laboratories

Government official from Bengaluru loses ₹2.53 crore to WhatsApp investment scam via fake Abbott app

A government official from Bengaluru lost over ₹2.53 crore to an online investment scam operated through a WhatsApp group. The scam, which ran from April 4 to June 2, 2024, involved a group named “Abbott Wealth Management” that falsely claimed to be registered with SEBI. The victim was directed to download a fake app called “ABBOTT” and was shown fabricated profit updates before transferring funds to multiple private bank accounts. The scam was discovered when the group became inactive and no returns were received, prompting the victim to file a complaint at the CEN Police Station on June 12, 2024. The police have registered a case and are investigating, noting that the scam’s method is common in similar investment frauds across the state.