Beware of WhatsApp Stock Trading Scam – Vizag Resident Loses ₹64 Lakh

Honey Gupta
3 Min Read

In a shocking incident, a resident of Visalakshi Nagar in Vizag fell prey to a sophisticated WhatsApp fraud, losing a staggering ₹64 lakh. The victim, who joined a WhatsApp group named ‘Stock Exchange’ under the guise of receiving stock market education, ended up being duped by scammers.

The deceptive group initially appeared to offer legitimate stock market classes, for gaining the trust and then luring the victim into making multiple deposits totaling ₹64 lakh to various digital platforms and bank accounts recommended by the fraudsters. After realizing the harsh reality of being cheated hit the victim hard, prompting him to file a complaint with the Visakhapatnam City Police.

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Following a thorough investigation, the police arrested five individuals involved in the WhatsApp scam. The accused include Yadla Nageswara Rao from Visakhapatnam, Thallabattula Satish Kumar, Anguru Manohar, and Chivukula Venkata Anil from Hyderabad, and Sarath Chandra Behara from Odisha.

In response to this alarming WhatsApp fraud case, the Vizag City Police issued a stern warning to the public, urging caution while using social media platforms. They emphasized the importance of avoiding links from unknown sources and refraining from connecting with unfamiliar individuals.

The police’s press note highlighted the increasing concern over fraudulent stock market trading schemes, emphasizing that these groups often dissolve shortly after formation, leaving members with false hopes of profit. The note underscored the importance of trusting only SEBI-registered academic advisories for reliable stock market trading tips.

Visakhapatnam Police Commissioner, Dr A Ravi Shankar, IPS, and Joint Commissioner of Police, Dr K Fakeerappa IPS, confirmed the successful seizure of the victim’s funds from various accounts. The investigation uncovered a complex web of transactions, including the conversion of stolen funds into USDT cryptocurrency and their subsequent transfer to Thailand.

This incident serves as a stark reminder for everyone to exercise caution online, particularly in the realm of financial transactions and stock market activities. Remaining vigilant against potential scams and relying on authorized sources is crucial to safeguarding oneself from falling victim to such fraudulent schemes.

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