A 71-year-old resident of Harihar in Karnataka has lost ₹75.4 lakh after falling victim to a WhatsApp investment scam, according to a recent report by The Times of India. The elderly victim was initially contacted by fraudsters through WhatsApp who posed as investment advisors. The scam was executed through promises of high returns, manipulation, and blocked withdrawals once large sums were deposited. The fraudsters used a sophisticated approach, convincing the victim to invest in 'SBI Securities Limited' and assuring him that his funds would be doubled. They kept talking to him again and again until they won his trust, after which he started sending money in many small parts instead of one big payment.
According to the First Information Report (FIR), the fraudsters convinced the victim to invest in what they claimed was 'SBI Securities Limited', and assured him that his funds would be doubled. The victim gradually transferred larger sums of money, trusting the fraudsters' claims. The fraud came to light when neither the invested funds nor the promised gains were delivered to the victim, highlighting a growing trend of scams spread through WhatsApp where fake investment opportunities appear legitimate. The scammers made the platform look real by using the promise of fast profit to make the victim feel safe, while keeping pressure going until the man was fully trapped.
SEBI warns that scams often use high returns, fake promises, and unregistered entities to trap people, emphasizing that any investment offer that looks too easy should be treated with care. The regulator specifically advises investors to verify before investing through SEBI/RBI check by cross-checking company registration details on official regulator websites. Financial experts recommend ignoring high-return, limited-time pressure strategies and never making payments under pressure. Never share OTP, UPI PIN, or banking details with anyone, as legitimate financial institutions never request such confidential information.
Additional prevention steps include testing withdrawals with small amounts first to understand the institution's certification and regulatory backing. Fourth, investors should secure their devices by downloading applications only from official stores and enabling two-factor authentication. Fifth, if fraud is suspected, victims should save all chats, messages, links, receipts and screenshots for future investigation and report to cyber authorities at the National Cyber Crime Reporting Portal or helpline 1930. If money has already been sent, the best move is to save everything, as chats, screenshots, receipts, links, and phone numbers can help in the case later. Acting fast can matter a lot in these cases, as the official system is made for financial cyber fraud complaints.
