Fake app displayed instant profits to build trust; withdrawals were blocked after repeated payments; police said members were promised weekly payouts of Rs 5000 to Rs 10,000 and daily returns of up to 10 per cent
Weekly payouts of Rs 5000 to Rs 10,000 and daily returns of up to 10 per cent were promised. Representation pic/istock
A YouTube advertisement promising high returns on share trading and IPO investments allegedly led a 63-year-old retired banker to lose over Rs 1.35 crore in a well-planned cyber investment scam involving WhatsApp groups, a fake trading application and multiple bank accounts, police said.
According to the complaint, the woman came across the ad in November and clicked on a link, after which she was added to a WhatsApp group posing as an investment community linked to a reputable broking firm. The group administrators claimed assured profits through call options, mutual funds and IPOs, citing the firm’s alleged participation in an international financial event. Police said members were promised weekly payouts of Rs 5000 to Rs 10,000 and daily returns of up to 10 per cent. To build trust, the victim was asked to download a trading app that showed immediate profits after an initial investment.
Encouraged by the displayed gains, the complainant transferred large sums in multiple transactions to different bank accounts. The app later showed her balance rising to several crores. However, when she tried to withdraw the money, the operators allegedly demanded additional payments to unlock the funds or repay a purported loan credited to her account.
After no withdrawals materialised, she realised the fraud and approached the cybercrime helpline in mid-December. Investigators believe fake digital dashboards were used to show inflated balances, a common tactic to lure victims into paying more. The money trail reveals transactions routed through several bank accounts, raising suspicions of mule accounts and a larger interstate syndicate. Officials said the use of a well-known brand name, professional language, and WhatsApp community hubs indicates a sophisticated operation rather than an isolated fraud.
Senior Cyber Forensic Expert, Nishant Salunke, said, “The case shows a classic investment scam pattern, exploiting social media ads on YouTube to lure even financially literate victims. Fake trading apps and manipulated dashboards are designed to trigger psychological trust and greed. Early reporting and faster fund-freezing remain critical to recovery.”
How to stay safe
>> Never trust guaranteed returns – no genuine stock market, IPO, or mutual fund investment can promise fixed or daily profits
>> Be cautious of ads on YouTube and social media offering quick wealth; scammers target emotions, not logic
>> Avoid unsolicited WhatsApp investment groups
>> Verify brokers on SEBI-registered platforms
>> Do not download unknown trading apps shared via links or messages
>> Never pay unlock fees, taxes, or loan clearances to withdraw your own money — this is a scam sign
>> Check bank account names carefully; frequent account changes indicate fraud
>> Report fraud immediately at 1930 or cybercrime.gov.in
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