Cyber fraud: WhatsApp investment group tricks retired academic out of ₹2 crore

A retired academic from Andhra Pradesh has reportedly lost nearly ₹2 crore in a sophisticated cyber fraud scheme, after being added to a WhatsApp group offering fraudulent investment advice, reported the Times of India.

Dr M. Batmanabane Mounissamy, former director and professor at the prestigious Jawaharlal Institute of Postgraduate Medical Education and Research (JIPMER), Pondicherry, filed a police complaint on 18 June detailing how he was duped by scammers posing as representatives of the financial services firm Nuvama, reported the publication.

Reportedly, the incident began when Dr Mounissamy was added to a WhatsApp group named ‘H-10 Nuvama Health Group’, which promised insider tips and expert guidance on investments. Given his existing investments in the genuine Nuvama Funds, formerly known as Edelweiss, the professor assumed the group was authentic and affiliated with the actual firm.

According to his complaint, a woman named “Kangana” soon reached out to him privately, claiming to be from Nuvama. She persuaded him to register on a website that mirrored the branding of the real investment company. Unaware of its fraudulent nature, the professor made an initial investment of ₹10,000 on 19 April and received ₹13,000 in return, a calculated move by the scammers to build trust.

Buoyed by this apparent profit, Dr Mounissamy continued to invest over the following weeks, transferring a total of ₹1.9 crore into what he believed were high-performing portfolios, the report said. By the end of May, the fake platform displayed an account balance of ₹35 crore. However, when he attempted to withdraw ₹5 crore, he was asked to pay a hefty “processing fee,” initially ₹32 lakh, which was later reduced to 25 per cent of the amount.

Desperate to retrieve his funds, the professor transferred an additional ₹7.9 lakh. Yet the withdrawal remained blocked. Further attempts to recover his money led to communication with another fraudster claiming to be a senior executive named “Ashish Kehair”. Despite repeated assurances, no funds were returned.

It was only after these interactions failed and further demands were made that Dr Mounissamy realised he had fallen victim to an elaborate scam.

This case adds to a growing number of cyber fraud incidents involving unsuspecting individuals being added to WhatsApp groups that peddle false investment schemes. Many such scams rely on the victim’s partial familiarity with real financial institutions to appear credible.

Authorities and cybersecurity experts are urging citizens to be vigilant online. They warn against trusting unsolicited investment advice, especially through informal channels like WhatsApp. Fraudsters are increasingly using social media platforms and messaging apps to create the illusion of legitimacy and lure people with promises of quick and high returns.

“Always verify the source of any investment opportunity and refrain from clicking on suspicious links or engaging with unknown contacts online,” said a senior cybercrime officer. “If it sounds too good to be true, it usually is.”

The police have launched an investigation into the matter, and efforts are underway to trace the scammers and recover the stolen funds.