Retired navy officer loses ₹2.47 crore after investing in stocks via WhatsApp

The deception came to light when the victim attempted to withdraw ₹3 crore on March 28.

Navi Mumbai: A 65-year-old retired Indian Navy officer from Kharghar fell victim to an online stock market fraud, losing ₹2.47 crore in his attempt to earn substantial profits. The elaborate scam was orchestrated through a WhatsApp group named “ABANS PRO.”

Retired navy officer loses ₹2.47 crore after investing in stocks via WhatsApp

According to an FIR lodged with the cyber police on Wednesday, the victim was added to the group without his knowledge on December 25, 2024. The group administrators persistently sent messages promoting high-return investments, eventually luring him into investing.

On February 3, 2025, the complainant expressed his interest in investing. Following this, multiple transactions were made to various bank accounts as per the instructions of the fraud company’s so-called customer service. The funds he transferred comprised his personal savings, contributions from friends and family, and loans.

His investments appeared to be highly profitable, as the fraudulent trading app through which he invested showed a balance of ₹39.43 crore. However, the deception came to light when he attempted to withdraw ₹3 crore on March 28. He was informed that he needed to pay a 1% service charge upfront. Having exhausted his funds, he requested that the fee be deducted from his balance, but his request was denied.

Growing suspicious, he sought to verify the legitimacy of the company. Searching for its office address online, he personally visited the location, only to discover that he had been scammed. “Upon inquiry, he was informed that the entire scheme was fraudulent and that multiple complaints had already been lodged against the operation,” said a police official.

Following the revelation, the victim approached the cyber police, who registered a case under section 66D of the Information Technology Act, 2000 (cheating by personation using a computer resource) and sections 3(5) (joint criminal liability), 318(4) (cheating), and 319(2) (cheating by personation) of the Bharatiya Nyaya Sanhita (BNS).