WhatsApp group scam costs 75-year-old Rs 11.1 crore; know how to stop others from adding you to groups without your permission

In a shocking case of cyber fraud, a 75-year-old man from Colaba, Mumbai, was defrauded of Rs 11.1 crore by scammers operating through a WhatsApp group. The victim, a retired ship captain and regular stock market investor, fell prey to a meticulously planned scheme that involved a fake financial services company, fraudulent trading apps, and persuasive tactics by the culprits. This case underscores the growing prevalence of cyber scams targeting unsuspecting individuals via messaging platforms like WhatsApp. It also highlights the importance of adopting robust digital security practices to avoid such traps.

How a WhatsApp group scam duped a 75-year-old of Rs 11.1 crore

The incident began on August 19 when the victim was added to a WhatsApp group named after a prominent financial services company. A woman posing as "Anya Smith" shared investment opportunities on the group and invited members to invest in stock trading. Convinced by the group’s credibility, the victim consented to the proposal and was moved to another group.

From there, he was directed to download a trading app through a shared link. The victim then began receiving messages from "Smith" and her associates regarding various investment schemes, including institutional account trading, IPOs, and OTC trading. Over the next two months, the victim made 22 transactions amounting to Rs 11.1 crore to multiple bank accounts across the country.

When he questioned the use of multiple bank accounts, the scammers assured him that it was to save taxes. However, even after paying an additional 20% service tax, the victim was repeatedly asked for more payments under various pretenses. Realizing something was amiss, he approached the headquarters of the purported financial company, only to discover it was a fraud.

Police investigation and findings of the WhatsApp scam

The victim reported the incident to the South Region Cyber Police, who registered a case under the Indian Penal Code and the Information Technology Act. The investigation revealed that the bank accounts used by the scammers were held in branches of UCO Bank, ICICI Bank, Canara Bank, Bandhan Bank, and others across cities such as Mumbai, Bhopal, Nagpur, Surat, Hyderabad, and Jaipur.

Authorities suspect a well-coordinated network of individuals behind the scam and have initiated efforts to trace the perpetrators. This case adds to a worrying trend of cyber frauds in Mumbai, with a similar incident earlier in the year involving an elderly woman losing Rs 25 crore to fraudsters posing as CBI officers.

How to protect yourself from WhatsApp group scams

To avoid falling victim to scams like this, here are some essential tips:

Adjust WhatsApp group privacy settings

WhatsApp allows users to control who can add them to groups. Follow these steps to secure your account:

• Open WhatsApp and go to Settings (found under the three-dot menu on Android or at the bottom on iOS).
• Select Privacy > Groups.
• Choose one of the following options:
  • Everyone: Anyone can add you to groups (not recommended).
  • My Contacts: Only people in your address book can add you.
  • My Contacts Except: Exclude specific contacts from adding you.
  • Nobody: Requires everyone to send you an invite before adding you to a group.

Be wary of investment opportunities on messaging platforms

• Verify the source: Check the credentials of anyone offering financial advice or investment schemes.
• Avoid clicking links: Refrain from clicking on suspicious links shared in groups or messages.
• Research thoroughly: Confirm the legitimacy of apps or companies before making any financial commitments.

Report and exit suspicious WhatsApp groups

If you are added to an unsolicited or suspicious WhatsApp group:

• Go to the group info section.
• Select Report Group to notify WhatsApp about the activity.
• Exit the group and block the group admin if necessary.

Enable WhatsApp’s privacy checkup tool

• WhatsApp offers a Privacy Checkup feature that guides users through configuring their privacy settings for maximum security.

Additional digital safety practices to protect yourself from online fraud

• Never share personal information: Avoid sharing sensitive information like bank details or personal IDs on messaging platforms.
• Beware of unknown contacts: Do not engage with messages or calls from unknown numbers.
• Monitor financial transactions: Regularly check your bank statements for any unauthorized transactions.

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