A retired professor from Andhra Pradesh has become the latest victim of a cyber fraud, losing an alarming sum of nearly Rs 2 crore in a fake investment scheme. The scam, which was orchestrated through WhatsApp, allegedly lured Dr. M. Batmanabane Mounissamy into being added to a fraudulent WhatsApp group promising lucrative returns.
The elaborate deception began when Dr. Mounissamy was added to a WhatsApp group named ‘H-10 Nuvama Health Group’. The group, managed by various administrators, promised to offer expert investment advice and insider tips specifically for Nuvama Funds, a legitimate financial institution with which the professor was already acquainted.
The scam progressed when a woman, identifying herself as “Kangana,” initiated private communication with Dr. Mounissamy. She directed him to register on a website that mimicked the official Nuvama Funds portal, lending an air of authenticity to the fraudulent operation.
Scamsters showed initial returns
To build trust, the scammers employed a common tactic: an initial small, successful transaction. Dr. Mounissamy first invested Rs 10,000 and, to his delight, received a quick return of Rs 13,000. This profit seemed legitimate, thus significantly bolstering his confidence in the scheme.
Encouraged by this initial success, the retired professor proceeded to invest a major amount of Rs 1.9 crore over a period of five weeks. He believed he was investing in high-performing stock portfolios, diligently transferring funds as instructed by the fraudsters.
The deception, however, unraveled when Dr. Mounissamy attempted to withdraw a sum of Rs 5 crore from his online account, which falsely displayed a balance of Rs 35 crores. At this point, the scammers demanded a processing fee for the withdrawal, initially asking for Rs 32 lakhs, which they later reduced to 25 percent of the withdrawal amount. Despite transferring an additional Rs 7.9 lakhs to access his funds, the withdrawal remained blocked.
The fraudsters then introduced him to another individual, supposedly a senior official named Ashish Kehair. However, the demands for more money continued without any of the promised funds being released.
It was at this stage that Dr. Mounissamy realized he had been duped and promptly reported the extensive cyber fraud to the authorities, initiating an investigation into the matter.
What can you do to stay safe from fraudsters
In an age of increasing cyber frauds, here are a couple of things you can keep in mind to stay safe:
– Verify the source. Don’t trust unsolicited investment offers; always check who’s contacting you.
– Check website URLs. Scammers make fake sites; manually type in real addresses to be safe.
– Research thoroughly. Never invest without researching the company and scheme extensively.
– High returns = high risk. Be suspicious of promises for unrealistic profits with no risk.
– Never share OTPs/PINs. Legitimate financial institutions will never ask for your private codes.
– Download apps safely. Only get investment apps from official app stores.
– Beware of “small wins”. Scammers often give small returns first to build false trust for bigger frauds.
– Watch for pressure tactics. Don’t rush into investments; scammers use urgency to trick you.
– Refuse hidden fees. If asked to pay fees to withdraw your own money, it’s a scam.
– Use strong passwords & 2FA. Protect your accounts with unique passwords and two-factor authentication.
– Keep software updated. Ensure your devices and apps are always updated for security.
– Stop contact immediately. If you suspect fraud, cut all communication with the scammers.
– Report to authorities. File a complaint with cybercrime police and inform your bank right away.
– Trust your gut. If an offer feels off, it probably is.
