Authorities are sounding the alarm after a retired engineer lost more than $130,000 to a sophisticated cryptocurrency scam run through a fake WhatsApp trading group and fraudulent mobile app. Cyberabad cybercrime police shared details of the case after the 65-year-old victim filed a complaint.
How the Scam Began
The retired engineer, who previously worked for a government enterprise, was added on November 4 to a WhatsApp group named “531 DBS Stock Profit Growth Wealth Group.” The group appeared professional and was led by individuals calling themselves Professor Rajat Verma and analyst Meena Bhatt—names later determined to be fake.
The group promoted a crypto trading app branded “DBS,” hosted on the suspicious domain ggtkss.cc, and positioned it as a legitimate platform linked to global financial institutions.
Trust Building: The Scammers’ First Move
Police said the scammers used a common tactic: they allowed the victim to make a small profit and withdraw Rs 5,000 from his first investment of Rs 1 lakh. This early success convinced him that the platform was real and encouraged larger deposits.
A Month-Long Fraud Operation
Between November 4 and December 5, the victim transferred over Rs 1.28 crore (more than $130,000) through multiple bank accounts and UPI payments. The fraudsters told him he was participating in:
- Block trades
- High-value IPO allocations
- A share buyback program
All of which were fabricated.
When the victim attempted to withdraw his total balance, the operators demanded an additional 20% “fee”. Once he refused, they blocked his access permanently, leaving him unable to recover his funds.
Investigation Launched
Cyberabad police registered a case under several sections of the Bharatiya Nyaya Sanhita and Section 66-D of the IT Act, which deals with online impersonation and cheating. Investigations are ongoing to trace the individuals behind the fake domain and WhatsApp group.
What Authorities Warn the Public
Cybercrime experts say the case highlights a growing trend of scammers:
- Using fake trading apps
- Creating WhatsApp investment groups
- Promising guaranteed returns
- Building trust through small initial withdrawals
Authorities are urging investors to:
- Verify platforms through official websites and regulatory bodies
- Avoid investment schemes promising unrealistic profits
- Report any suspicious groups or apps immediately
The case serves as a reminder that even experienced professionals can fall victim to well-organized online fraud.
