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A 65-year-old retired engineer in India lost over $130,000 to scammers operating a fake crypto trading platform through WhatsApp, police confirmed Friday.
The victim downloaded a fraudulent app disguised as DBS Bank’s trading service after being added to a WhatsApp investment group in early November.
Authorities confirmed that the victim, a 65-year-old retired engineer from Miyapur, lost approximately 1.28 crore rupees after engaging with scammers operating a fake WhatsApp crypto trading app network.
Police said the victim, who previously worked for a government enterprise, filed a complaint on Friday after realizing he had been defrauded.
This case highlights a dangerous trend in which criminals are exploiting trust inside messaging groups to push fraudulent financial products, said Cyberabad Police Commissioner M. Stephen Raveendra, warning that WhatsApp-based scams have surged in the last year.
According to police, the scam began on November 4 when the victim was added to a WhatsApp group labeled 531 DBS Stock Profit Growth Wealth Group.
Administrators—operating under the names Professor Rajat Verma and analyst Meena Bhatt—presented themselves as seasoned financial experts offering high-yield crypto trading returns.
The group quickly convinced the victim to download what they claimed was a legitimate DBS trading platform. In reality, it was a counterfeit mobile application linked to the malicious domain ggtkss.cc, disguised to look like an official digital trading tool.
Authorities said criminals used this WhatsApp crypto trading app interface to simulate portfolio gains, display fake account dashboards, and manipulate fake transactions to lure the victim into making larger deposits.
Once the victim installed the rogue application, scammers instructed him to begin placing trades through the platform. The fraudulent WhatsApp crypto trading app displayed impressive early “profits,” which encouraged him to invest more.
Every deposit appeared instantly in the fake dashboard, giving the illusion of fast and steady returns. Police said the scammers’ strategy centered on building trust over several days before pushing the victim to make his largest transfer—after which all communication ceased.
This is a textbook example of psychological manipulation through digital environments, said Cybersecurity analyst Harish Chandra, noting that scammers often use a blend of emotional persuasion, fake data, and high-pressure tactics.
Cybercrime agencies warn that WhatsApp investment groups pretending to be affiliated with major banks, especially DBS, ICICI, and HDFC, have increased dramatically in 2024. Many of these scammers use cloned websites and fabricated trading dashboards to appear credible.
According to the Cyberabad Cyber Crime Police, dozens of victims have reported losing money through similar WhatsApp crypto trading app operations over the last six months.
Financial fraud carried out through messaging apps is becoming more organized and technologically advanced, said India’s CERT-In spokesperson, stressing that even tech-savvy individuals have fallen victim.
Authorities emphasize that legitimate financial institutions do not run trading groups on WhatsApp, nor do they ask users to download unverified applications or domains. Any platform not hosted on official bank websites should be treated as a red flag.
Users are strongly advised to:
Avoid unsolicited investment messages
Never install apps from unknown sources
Verify domain names and URLs
Report suspicious WhatsApp groups immediately
People must assume that every WhatsApp crypto trading app link they receive is dangerous unless proven otherwise, Raveendra added.
As scams become more sophisticated, authorities urge the public to remain vigilant and skeptical of investment opportunities shared through messaging platforms.
The retired engineer’s case serves as a critical reminder that no matter how convincing a WhatsApp crypto trading app looks, it may be a trap built to wipe out life savings in minutes.
Until stronger regulatory action is taken, experts say individuals must rely on caution, verification, and digital literacy to stay safe.
