A 42-year-old private firm employee from Bhuj in Gujarat’s Kutch district has become the latest victim of a sophisticated WhatsApp-based stock investment scam, losing more than Rs 16 lakh to cybercriminals. Ajitsinh Jadeja filed a complaint with the local cybercrime police after realising he had been duped over several months through a carefully orchestrated fraud involving fake apps, manipulated profits, and persistent demands for additional payments.
This case highlights the alarming rise in digital investment scams across India, where fraudsters exploit popular messaging platforms like WhatsApp to target unsuspecting individuals, with promises of quick and high returns in the stock market or IPOs.
WhatsApp stock investment scam: How it unfolded
The scam began on April 21, 2025, when Jadeja was added to a WhatsApp group by an unknown number. The group posed as a credible stock advisory community, regularly posting market tips, analysis, and success stories to gain trust over time. On July 4, he received a private message with a link to an online form, followed by instructions to download a mobile app claiming to offer exclusive stock trading and IPO investment opportunities.
Between July 10 and August 21, Jadeja transferred funds in multiple instalments totalling over Rs 16 lakh to various bank accounts shared via the app and WhatsApp. To hook him further, the scammers initially showed a small profit, converting his Rs 5,000 investment into Rs 5,245, displayed convincingly within the fake app.
The trap tightened when the app falsely credited an Rs 18 lakh loan to his account after a purported IPO allotment. When Jadeja tried to withdraw his supposed earnings, the process stalled, and the fraudsters demanded an extra Rs 9 lakh as a “processing fee” or “tax clearance”—a common tactic in such scams to extract more money before vanishing.
Realising the fraud, Jadeja approached the cybercrime unit, which is now investigating the case.
Tips to stay safe from WhatsApp investment frauds
With investment scams increasing on social media and messaging apps, authorities and cybersecurity experts urge citizens to remain vigilant.
Key red flags include unsolicited group additions, links to unknown apps, guarantees of high returns, and demands for upfront fees to release profits. It is always suggested to verify investment platforms through official channels like SEBI’s registered intermediaries list.
Here are some practical safeguards to keep in mind:
– Avoid downloading apps from unverified sources or links shared on WhatsApp.
– Enable privacy settings to restrict who can add you to groups.
– Use two-step verification and app locks on WhatsApp.
– Never share OTPs or banking details with unknown contacts.
– Report suspicious activity immediately via the national cybercrime portal (cybercrime.gov.in) or helpline 1930.
As fraudsters grow more sophisticated, combining awareness with caution is the most effective shield against falling prey to these costly digital traps.
