A man lost Rs 60 lakh after receiving a WhatsApp message that offered stock market tips and investment learnings.
Intrigued, he clicked on the provided link and found himself added to a WhatsApp group called FHL Investors (Teaching Group) VIP 903.
Between April 17 and May 27, 2024, he transferred nearly Rs 59.87 lakh to different accounts.
In today’s digital world, where online scams are becoming increasingly common, even seasoned professionals are falling victim. A shocking incident in Surat has revealed how a 57-year-old investment manager lost a staggering Rs 60 lakh to cybercriminals promising lucrative returns on stock market investments.
The victim, Ranganath Papal, who has years of experience in finance, was drawn into the trap through a WhatsApp message. On April 17, he received a message on WhatsApp that offered stock market tips and investment learnings. Intrigued, he clicked on the provided link and found himself added to a WhatsApp group called FHL Investors (Teaching Group) VIP 903. The group’s admin, a woman named Richa Sethi, frequently shared enticing stock market advice, which led Ranganath to believe he had found a reliable source for investment guidance.
Also read: Bengaluru-based techie loses Rs 4.5 lakh in Diwali Gift scam: What happened and how to stay safe
After a few days, Sethi encouraged Ranganath to participate in an online teaching session about investing. Following her instructions, he downloaded an app called Federated Hermes. As he expressed interest in investing, Sethi provided him with various bank account numbers to transfer money.
Initially, Ranganath transferred Rs 3 lakh to invest in an IPO from Varyaa Creations, which resulted in a profit of Rs 2.41 lakh that he could see in his app account. Encouraged by this apparent success, he continued to transfer funds, convinced he was making smart investments. Between April 17 and May 27, 2024, he transferred nearly Rs 59.87 lakh to the accounts given by Sethi.
However, when Ranganath attempted to withdraw his funds, he was met with refusals. Realizing he had been scammed, he quickly contacted the cyber helpline at 1930. His complaint led to the filing of a formal FIR by the Surat Cybercrime police station on October 28, 2024.
This incident highlights the importance of being cautious and doing thorough research before engaging in online investments.
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Ayushi Jain
Tech news writer by day, BGMI player by night. Combining my passion for tech and gaming to bring you the latest in both worlds. View Full Profile
