Coimbatore man gets message from unknown person on WhatsApp, later loses 48.57 lakh in scam

A Coimbatore bank manager lost Rs 48.57 lakhs in a WhatsApp investment scam. The fraudster lured him with part-time job offers and online trading opportunities, eventually swindling him out of his money.
Coimbatore man gets message from unknown person on WhatsApp, later loses 48.57 lakh in scam
Anjali Raj / Jaano Junction

A new type of online scam known as the WhatsApp Investment Group Scam is currently spreading across the country. In this scheme, fraudsters contact individuals on social media platforms like WhatsApp, offer investment tips, and eventually swindle victims out of large sums of money. The latest victim is a Coimbatore man who lost Rs 48.57 lakhs after receiving a message from an unknown sender on WhatsApp.

The victim named J. Krishnaraj, a 35-year-old bank manager, received a WhatsApp message on March 14 from an unidentified individual. The sender offered Krishnaraj part-time jobs on WhatsApp and later presented additional opportunities to earn extra money through online trading, as reported by The Hindu.

Believing it to be a legitimate offer and hoping to earn some extra cash, Krishnaraj accepted the proposal. Between March 14 and May 1 of this year, he invested a total of Rs 48,57,115 by transferring the funds to the fraudster's account in 13 separate transactions. However, when Krishnaraj requested to withdraw his money, the fraudster instructed him to pay more for the withdrawal. Unable to retrieve his investment, Krishnaraj realised he had been duped and subsequently filed an FIR.

What is this scam?

This scam operates similarly to other WhatsApp investment scams reported in various cities across the country. It starts with an innocuous-looking message on WhatsApp, where an unidentified person offers the victim a part-time job opportunity. These messages often entice with the promise of easy money, exploiting the desire for additional income.

The scammer then shifts the conversation to online trading, promising high returns to the victim. This strategy targets individuals interested in financial gain, especially those with limited understanding of investment risks.

Once the victim, in this case, Krishnaraj, had invested a significant amount, the scammer may have isolated him from seeking advice by discouraging discussions about the "investment" with others. The scammer may have also pressured him to invest more, promising even greater returns.

Additionally, when victims request their money back, the scammer likely demands further investment as a means to extort more money.

Staying safe from online scams

  • Do not trust unsolicited investment or job offers, especially those received through WhatsApp or other messaging platforms.

  • Never invest in something you don't fully understand. Research the company or platform thoroughly before parting with any money.

  • Promises of High Returns are Often Red Flags. Be cautious of unrealistic promises of high returns.

  • Never share your bank account details, credit card information, or other financial data with unknown individuals.

  • Before making any investment, consult with a qualified financial advisor who can provide guidance based on your risk tolerance and financial goals.

Also Read
Election Results LIVE Updates: BJP Leading, Congress Not Far Behind, Race To 272 Seats Ongoing As Vote Counting Underway
Coimbatore man gets message from unknown person on WhatsApp, later loses 48.57 lakh in scam

What to do after getting scammed

If you unfortunately fall victim to a scam, here is what you should:

  • Immediately cease all communication with the scammer.

  • File a complaint with the police and the cybercrime department. Provide all details of the scam, including screenshots of messages and transaction records.

  • Collect any evidence you have, such as messages, emails, and bank statements related to the scam.

  • Inform your bank about the fraudulent activity and request assistance in recovering your funds, if possible.

Source: India Today

Stay connected to Jaano Junction on Instagram, Facebook, YouTube, Twitter and Koo. Listen to our Podcast on Spotify or Apple Podcasts.

Jaano Junction