As part of a new ongoing IPO scam on WhatsApp, a 78-year-old textile businessman from Delhi faced a digital nightmare that has cost him Rs 18.80 crore and his peace of mind. What began as a hopeful investment opportunity on a July morning in 2024 has become the second-largest cyber fraud case ever reported in the national capital.
The victim’s journey into the trap began with a simple WhatsApp link from an unknown number, inviting him to a “shares trading company” group. At a time when he was looking for lucrative investments, the promise was irresistible: 30% returns via IPO subscriptions of a well-known financial services firm.
How the scam worked
Despite initial hesitation, the businessman joined a group of over 50 members. He describes an atmosphere of manufactured success that felt indistinguishable from reality.
“It had over 50 members, including seven administrators,” the businessman told The Indian Express in an interaction. “Some members claimed to have bought shares worth Rs 100 for Rs 75 and sold them for Rs 125. The exchanges were extremely believable. So I downloaded their app.” The company provided a sophisticated dashboard that showed his balance, share prices, and bank transactions. It even displayed a “profit bar” that appeared to grow by the day, creating a false sense of transparency and security.
Between July and September 2024, the businessman transferred a total of Rs 18.80 crore into 26 different bank accounts. The first signs of trouble appeared when he tried to withdraw his supposed profits. The app blocked his requests, and his attempts to reach the company” were met with silence.
“Saari baatein hamesha WhatsApp chat pe hi hoti thi (All communication took place over WhatsApp chats),” he recalled. “Whenever I tried to call, a message from the service provider would say the number was not reachable.”
When he insisted on exiting the scheme, the scammers attempted a final play, claiming he was on the verge of an Rs 80 crore profit and even offering him a loan to keep investing. Shortly after, he was locked out of the app entirely.
What the police found in the investigation
The Delhi Police’s Intelligence Fusion and Strategic Operations (IFSO) unit took up the case in November 2024. Investigators quickly traced the digital trail to Cambodia, revealing a syndicate reportedly led by a Chinese gang operating out of Nepal.
The speed of the theft was breathtaking. The victim’s money was moved through 200 accounts within minutes, and eventually split among 1,500 mule accounts before being converted into cryptocurrency.
“By the time he approached us, it was way past the golden hour,” an IFSO officer noted. While police have arrested 20 individuals—mostly mule account holders like unemployed labourers and farmers from Rajasthan and Gujarat—the masterminds remain overseas.
For the 78-year-old businessman, though, the financial ruin is compounded by a deep sense of shame. While he has confided in his wife and daughter, his son remains unaware of the full scale of the loss.
“Mere paas bas do raaste the. Ya toh main beemar ho jaoon, ya phir ladoon (I had two options: either to give up or to fight). I chose the latter option,” the businessman said. However, the fear of social judgment lingers. “Jab pataa chalega, sab hasenge mujhpe (Everyone will laugh when they find out),” he says.
To date, the IFSO has managed to freeze and recover approximately Rs 1 crore of the nearly Rs 19 crore stolen.
