WhatsApp Investment Scam: As we are coming under the roof of the internet globally, the access to social media is growing. With the progress, the risk is also growing. Cyber fraud is increasing. The magnitude and types are also increasing. From spear-phishing and ransomware to CEO email scams and business email scams, unauthorized link scams, blackmailing, and digital arrests, every kind of scam is happening. It is now dangerous to click when you are getting a link. People are losing their money at a swipe. Fighting against cyber fraud needs a layered strategy that mixes technology, training, and expertise.
WhatsApp Investment Scam: Andhra Pradesh Fraud Case
Facing fraudsters, or rather, being prey to digital fraudsters, is now a common thing. But still a lot of awareness is happening on the end to make people aware of these frauds. Still, people are being tricked and losing a lot of money. Recently a retired professor from Andhra Pradesh lost almost ₹2 crore after being tricked by a complex online investment scam conducted via WhatsApp. This event shows the increasing threat of organized cybercrime that takes advantage of social media and messaging apps to catch the victims in their webs.
How a Retired Andhra Professor Lost ₹2 Crore in WhatsApp Investment Scam
A retired professor of Andhra Pradesh named Dr. M. Batmanabane Mounissamy has fallen into the spider web of the fraudsters and become a victim of cyber-fraud. He lost an amount of nearly Rs 2 crore in a nasty investment scheme. The scam was carried out through WhatsApp. He was allured by the fraudsters that after all of the process he will get a high return. This con was executed after joining a WhatsApp group called ‘H-10 Nuvama Health Group. Dr. Mounissamy was added to that group.
That group was managed by different administrators. They claimed to be investment experts who were there to provide expert investment advice and insider information specifically for Nuvama Funds, a real financial institution that the professor was already familiar with. Everything was set and had fallen into place as designed. No matter what, his real investment was there with the company itself, and that’s why he didn’t get any hint that a big mishap was going to happen. Literally, the professor thought the group was legitimate and connected to the actual company.
What happened next?
So after joining the group, the professor got a private message from a lady named Kangana, who was there to help him. She identified herself as an employee of Nuvama and sent him a link to the look-alike profile of the real website. She convinced him to sign up on a website that copied the branding of the real investment company. She brainwashed him and made it possible. By believing her words and by not realizing the scam, the professor made an initial investment of ₹10,000 on April 19 and received ₹13,000 back, which was the base trick that played well, and strategically, she gained the trust of the professor.
Then, after receiving this small amount of profitable money, he got allured and made an investment of ₹1.9 crore with the hope of getting a higher amount of return and fell into the trap easily. And to develop a firm belief, the fake platform showed him a fake profit of ₹35 crore in his account dashboard. Then he tried to get back some amount of money from his earned profit. So, he tried to make a withdrawal of ₹5 crore, but here was the real catch. At that very moment, he was asked for a processing fee to complete the withdrawal.
At first demanding ₹32 lakhs, then lowering it to 25 percent of the amount he wanted to withdraw. Even after sending another ₹7.9 lakhs to get his money, the withdrawal was still blocked. Still, he was not able to make the withdrawal. After that he tried to get his money back and ended up talking to another scammer who pretended to be a senior executive named “Ashish Kehair.” He made false promises to the professor regarding returning back the money, but he never got his money back.
It was only after these failed attempts and more demands that Dr. Mounissamy understood he had been tricked by a WhatsApp investment scam. Then the professor realized that he had been scammed and filed a police report on June 18. It is a matter of concern how an educated person could have become prey and lost a big amount of money. It is all about the greed of getting the shortcut money.
How can you save yourself from falling into a cyber fraud?
Cyber traps are not easy to avoid, but not impossible, as those frauds are also conducted by some humans who think of themselves as the smarter ones. You can save yourself by being concerned about what is happening there in the world of cybercrime. Always keep yourself updated with the market trend if you are heavily working on the internet. Keep your software updated and enhance your security.
Protect your computer or any device with antiviruses and use unique passwords for each of your accounts. Don’t use a simpler one that is easy to guess. Two-factor authentication is necessary. Don’t fall for any unauthorized, unofficial investment offers.
Do the verification at your end. Scammers create fake sites, and they try to trap you by faking the identity. So, do thorough research. Never invest without carefully looking into the company and scheme. An easy way of getting money can brainwash you. But always remember there is nothing without hard work. So before sharing any OTP with someone, verify the source. Download apps safely. Official app stores are worthy of downloading anything.
Don’t rush into anything. When someone tries to track you, they will create pressure on you to make you agree. Catch that sense. If you can sense anything wrong, then stop communication and report it to the cybercrime branch. Trust your intuition. If an offer seems to be a glitch, then skip it.