Bengaluru men lose over ₹2 crore in WhatsApp-based stock market scam: Report

Bengaluru residents have lost over ₹2.15 crore to cyber fraud through fake trading platforms and WhatsApp scams.

Published on: Jul 7, 2025, 09:03:21 IST

By HT News Desk

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In yet another case of cyber fraud exploiting the lure of quick stock market profits, two Bengaluru residents have together lost over ₹2.15 crore to sophisticated online scams operated through fake trading platforms and WhatsApp groups, Deccan Herald reported.

According to the report, police said the victims were manipulated through staged social media interactions and professional-looking websites that simulated real-time stock trading dashboards, complete with fake returns.

In the first case, a 48-year-old businessman from Visvesvaraya Layout, was targeted after he connected with a woman on Facebook who introduced herself as Ashmita Tiwari, allegedly a manager at Barclays Investment Bank in Mumbai.

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She directed him to a deceptive investment website and added him to a WhatsApp group named ‘CATALIST CUSTOMER SERVICE’. The group appeared to be filled with satisfied investors, sharing screenshots of earnings and market tips.

Over three months, Reddy made multiple transfers totaling ₹1.54 crore to bank accounts provided by the group, convinced by the phony dashboard that showed his funds growing. The scam only came to light when he attempted to withdraw his so-called profits, only to realise he’d been locked out and ghosted, the report added.

In a similar incident, a 30-year-old engineer from Vijayanagar, identified as Randeep S, fell for a comparable scheme after joining a different WhatsApp group called ‘India Stock HUB12’.

According to the publication, he was persuaded to trade via a fake platform mimicking Citadel Securities. Unlike Reddy, Randeep initially received a payout of ₹90,000 on his first investment of ₹3.5 lakh, a tactic often used to build trust. But over two months, he ended up transferring ₹61.3 lakh before the scam unraveled.

Two FIRs filed

The West CEN Cyber Crime police have registered two separate FIRs and are investigating the cases. Authorities are now working with banks to trace the accounts where the fraudulent funds were routed. Investigators believe these groups are part of a larger syndicate that uses fake identities, cloned trading sites, and group psychology to dupe victims.

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HT News Desk
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