Online scam: Man loses over Rs2 million after joining WhatsApp group

A young man in Udupi, Karnataka, has lost Rs2.34 million after falling victim to an online trading scam through a WhatsApp group.

The victim, Maurice Lobo, was added to a group promising tips and tricks for profitable online trading. However, after investing a large sum, Lobo was unable to withdraw either the profits or the original amount, leading him to file a complaint at the police station.

According to reports from The Times of India, Lobo was invited to a WhatsApp group named "Aarayaa HSS," where the admins claimed to offer expert advice on online trading. The group included other members boasting significant profits.

Encouraged by these claims, Lobo transferred Rs2.34 million in installments from December 2024 to January 2025 to various bank accounts provided by the group.

But when Lobo sought to withdraw his funds, the scammers cut off contact and refused to return his money.

This incident adds to a growing list of similar scams where individuals lose substantial amounts after joining fraudulent WhatsApp or Telegram groups offering high returns through online trading.

In a similar case, a 60-year-old man from Menamkulam, Kerala, lost over Rs7.1 million after being lured by scammers who contacted him via WhatsApp. The fraudsters offered tips on making profits in trading, prompting him to invest substantial amounts. Once he tried to withdraw his money, the scammers claimed technical issues and asked for more funds, leading him to realize he had been scammed.

Experts warn people to be cautious of unsolicited investment opportunities, especially those offered through messaging platforms like WhatsApp. Scammers often encourage victims to download malicious apps that steal personal data and funds. To avoid falling victim, do not trust unknown investment groups, block and report suspicious contacts immediately.

Fraudsters create WhatsApp groups that appear to represent legitimate organisations, offering "expert" advice on online trading. Victims are enticed to invest small amounts and shown fake profits, eventually encouraging them to invest larger sums. Once significant amounts are invested, scammers either prevent withdrawals or ask for more money. The scammers then sever all contact, leaving the victim with nothing.