Man loses ₹16 lakh in WhatsApp stock scam: Here’s what to do to stay safe

A Bhuj man has lost over Rs. 16 lakh to a WhatsApp investment scam. Read on to know which security settings you should turn on to prevent this type of scam.

A man from Bhuj in Kutch district lost over Rs. 16 lakh after falling victim to a WhatsApp-based stock market investment scam. The victim, Ajitsinh Jadeja, an employee of a private firm, filed a complaint at the Cyber Police Station, Border Range Bhuj, alleging that unknown fraudsters promised high returns through stock market and IPO investments. He also named multiple bank account holders he suspects were involved in the scheme.

A man from Bhuj fell victim to a WhatsApp stock market scam, losing Rs. 16 lakh.

By MD Ijaj Khan

Ijaj Khan is a technology journalist and Senior Content Producer at Hindustan Times, with over three years of experience covering the consumer technology industry. His work spans smartphones, laptops, wearables, gaming, appliances and AI - from hands-on reviews, comparison and buying guides to breaking news and in-depth features that help readers cut through the noise and make informed decisions. Before joining HT Tech, he worked with Jagran New Media, where he sharpened his instincts for fast-paced digital reporting. He holds a Post Graduate Diploma in English Journalism and Mass Communication from the Indian Institute of Mass Communication (IIMC), Delhi. Whether he's testing the latest flagship smartphone, tracking a major AI announcement, or putting a gaming laptop through its paces, Ijaj approaches every story with the same goal - making technology feel relevant and easy to understand for everyday users, not just enthusiasts. When he's not in front of a screen for work, he's usually travelling to a new city, hunting for great food, or keeping tabs on what's next in tech before everyone else catches on.

Read moreRead less

How the Scam Started

Police reports state that the scam began on April 21 when Jadeja was added to a WhatsApp group by an unknown contact. The group posed as an investment advisory platform, sharing daily stock tips to gain members’ trust. On July 4, Jadeja received a WhatsApp link to an online form from another unknown contact. After filling it out, he was asked to download a mobile application for further investment.

Between July 10 and August 21, Jadeja transferred over Rs. 16 lakh in instalments to various bank accounts. His first deposit of Rs. 5,000 returned Rs. 5,245, which encouraged him to invest larger sums. The fraud escalated when the scammers offered him a loan of Rs. 18 lakh through the app wallet, showing profits from a supposedly successful IPO application. When Jadeja tried to withdraw the funds, the transaction failed. He was then asked to deposit Rs. 9 lakh, half of the loan, before processing the withdrawal.

Suspicious of the scheme, Jadeja contacted the cyber helpline number 1930 and lodged a formal complaint. Police have registered a case under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act. Investigators are working to trace the perpetrators and recover the lost money.

Steps to Take to Secure His Phone

Following the incident, here’s why I immediately changed these settings on my phone to prevent similar scams:

• Enable Two-Step Verification: WhatsApp > Settings > Account > Two-step verification > Enable PIN
• Activate App Lock: WhatsApp > Settings > Privacy > App Lock > Use biometrics
• Limit Unknown Contacts: WhatsApp > Settings > Privacy > Groups/Calls > My Contacts only; block unsaved numbers
• Block Unknown App Installs: Android Settings > Apps > Disable “Install unknown apps”; enable Play Protect
• Secure Backups: WhatsApp > Settings > Chats > Chat Backup > Enable encrypted backups; use disappearing messages

WhatsApp users are advised to follow these precautions and report suspicious messages immediately.