How a retired techie lost Rs44.3m to a WhatsApp trading scam

PUNE: A retired software engineer who spent years investing in the stock market lost more than Rs44.3 million ($520,000) after being drawn into an elaborate investment scam run through WhatsApp groups, Telegram channels and fake trading platforms, according to police.

The victim, 46-year-old Ujjwal Digambar Chaudhary of Pune, was allegedly persuaded to transfer money over several weeks after fraudsters promised extraordinary returns and displayed fictitious profits worth more than Rs266 million ($3.1 million) on a bogus trading platform.

According to police, Chaudhary had worked as a software engineer overseas before retiring and relocating to Pune in October 2025. A stock market investor for nearly 15 years, he continued managing his investments after returning to India.

The alleged fraud began on March 29 when Chaudhary came across an investment advertisement on Telegram promoting lucrative stock market opportunities. The advertisement directed users to join a WhatsApp group called “663 HSBC Stock Analysis Team”, where administrators claimed to offer expert investment guidance.

Investigators said the scammers spent weeks building credibility. The group conducted daily online sessions at 6.30am, offering stock market lessons, trading strategies and recommendations on supposedly high-performing shares.

An administrator identifying herself as “Maira” regularly interacted with members, while participants frequently posted screenshots showing gains of between 25 and 75 per cent. According to police, Chaudhary initially followed some of the recommendations through his own trading accounts and earned profits, reinforcing his trust in the group.

The fraud later expanded into several other WhatsApp groups, including “669 HSBC Quantitative Strategy Team”, “668 Internal VIP Strategy Team” and “663 HSBC Wealth Creation Group”.

Police said the fraudsters then persuaded him to open what they described as an exclusive “internal equity account” through a series of online platforms that appeared to be legitimate trading websites.

The victim was allegedly instructed to download a trading application and transfer investment funds into multiple bank accounts controlled by the scammers.

According to investigators, the fraudsters operated through at least 10 different phone numbers and directed Chaudhary to transfer money into numerous accounts.

Believing the investment opportunity was genuine, he transferred a total of Rs44.3 million through 34 separate transactions.

The trading platform later displayed a purported account value of Rs266.4 million ($3.1 million), creating the impression that his investments had generated massive returns.

However, when Chaudhary attempted to withdraw the funds, the group administrators allegedly demanded a service charge equal to five per cent of the displayed profits.

Police said the scammers asked him to pay about Rs13.3 million ($156,000) before any withdrawal request could be processed.

Realising he had likely been cheated, Chaudhary filed a complaint with the National Cyber Crime Reporting Portal on June 1.

Based on the complaint, police have registered a case under provisions of the Bharatiya Nyaya Sanhita and the Information Technology Act.

Investigators suspect the money was routed through a network of mule bank accounts across different parts of India and are tracing the flow of funds to identify those behind what appears to be a carefully orchestrated cyber fraud operation.

Cybercrime experts have warned investors to be cautious of social media groups promising unusually high returns and to verify the legitimacy of any investment platform before transferring money.

-- With IANS inputs