WhatsApp Fraud Alert: After joining a WhatsApp group, a resident of Northwest Delhi‘s Shalimar Bagh has been the most recent victim of an online scam. The victim was tricked into investing more than Rs 1 crore by the con artist via a WhatsApp group, all thanks to a clever strategy. Before taking advantage of the victim’s desire for large returns, the gang gradually won over his trust by pretending to be an investment research platform.
WhatsApp Call Pitches Lucrative Investment Plan
The victim allegedly received a call on WhatsApp from an unknown person who pitched a stock market investment plan with large profits, according to TOI. Later on, he was added to a WhatsApp group that purported to be a forum for offline investment research. This club, which had about 150 members, gave stock market advice to participants in an effort to win their trust.
In order to establish credibility, the con artists provided the victim with a few good investment recommendations, which inspired him to make a small initial investment of Rs 50,000 on January 19. After seeing early profits, the victim was progressively persuaded to make additional investments. But as the victim kept making investments, it was harder and harder for him to take his money out.
Con Artists Seek More Money to Facilitate Withdrawals
The con artists started requesting more money under different guises, purportedly to get his investments taken out. The victim invested a total of Rs 1.13 crore over the course of 55 days in order to withdraw his winnings.
All of the transactions that took place during this time were done so online, and the victim’s fictitious investments and profits—which purported to exceed Rs 7.4 crore—were showcased on a webpage.
Scam Masquerades as Lucrative Investment Opportunity
This scam is classified as an investment scam, more precisely as a Ponzi scheme. With modest, seeming rewards at first, the con artists won the victim over, gradually ensnaring him with increasing investments. The fraud in this instance was quite clever; to further persuade the victim of the investment’s validity, a realistic-looking web interface with fictitious returns was created.
By playing on his trust, the con mangot the victim to part with more money in the hopes of getting the money he had already invested back. In order to maximize the financial harm before the victim realized the scam, there was also a technique involved in the difficulties in withdrawing money and the increased requests for payment.
How to protect Yourself
The following crucial advice can assist you in avoiding falling for these types of scams:
Independent Research: Do extensive, independent research before making any investing decisions. Never depend exclusively on advice or suggestions from unidentified sources.
Watch Out for Guaranteed Returns: If someone makes a high return promise, it’s cause for concern. Investing in anything legitimate usually carries some risk.
Verify Platforms: Use official channels to confirm the platform’s validity before making an investment.
Avoid Pressure Tactics: Scammers frequently put victims under duress to make snap decisions. Go slowly, and don’t be scared to leave.