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3d ago

New Wave of WhatsApp Trading Scams Hits Multiple Cities as Police Probe Crores in Losses

Fraud rings funneled users from Facebook ads into WhatsApp groups, then used fake trading apps to display profits before blocking withdrawals through fee demands.

The cybercrime police have registered a case under sections 316(2), 318(4), and 61 of the BNS. (HT Photo for representation)
On July 5 and 19, two people approached him to make him a member of a high net worth individual (HNW) account, police said, adding that later he received a fake certificate of a stock market broking firm with a HNW activation code. (Representational image)
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The victim was added to a WhatsApp group through a social media platform on July 11 for share market trading.

Overview

  • A 58-year-old Noida resident lost ₹85.60 lakh after joining WhatsApp trading groups; a fake app showed ₹5.5 crore in profits before suspects sought a 15% commission to release funds, police said.
  • A second Noida complaint details a ₹43.86 lakh loss after the victim was told to invest an extra ₹15 lakh for an IPO to enable withdrawal, leading to an FIR under BNS sections 318(4), 319(2) and the IT Act.
  • Hyderabad police reported a ₹28.76 lakh loss tied to a group named F55 – Fortune Skye and a bogus app ‘RCL–PMA’ that displayed gains, with operators threatening to divert money to charity unless fees were paid.
  • Panchkula cyber police registered a case after a 44-year-old lost ₹8 lakh when withdrawal attempts triggered an account freeze and fresh deposit demands linked to WhatsApp trading groups.
  • Pimpri Chinchwad cyber police filed two FIRs totaling ₹3.14 crore, naming nine accused in schemes using groups like ‘310/305 Bulls & Chai’ and a ‘Kotak QIB’ app that blocked withdrawals with purported tax and service fee demands.