Stock tip that turned into a cyber trap: How a Bhuj man lost ₹16 lakh and how to protect yourself

A Bhuj-based private sector employee has lost more than ₹16 lakh after being drawn into a WhatsApp-based stock market investment scam, underscoring the growing sophistication of online financial frauds that blend psychological manipulation with technical deception.  

According to a complaint filed at the Cyber Police Station, Border Range Bhuj, the victim, Ajitsinh Jadeja, was added on April 21 to a WhatsApp group by an unknown contact. The group projected itself as an investment advisory platform, regularly sharing stock tips and market updates to build credibility among its members.  

The operation escalated on July 4, when Jadeja received a WhatsApp link to an online form from another unknown number. After filling out the form, he was instructed to download a mobile application that would supposedly facilitate investments in stocks and initial public offerings (IPOs).  

Between July 10 and August 21, Jadeja transferred more than ₹16 lakh in instalments to multiple bank accounts. Police records note that the scammers used a classic confidence-building tactic: an initial deposit of ₹5,000 yielded a “return” of ₹5,245, convincing the victim that the platform was legitimate and encouraging larger investments.  

Fake profits, real losses  

The fraud deepened when the app showed Jadeja being granted a loan of ₹18 lakh through an in-app wallet, along with apparent profits from a successful IPO allocation. However, when he attempted to withdraw the funds, the transaction repeatedly failed.  

The scammers then demanded an additional ₹9 lakh — half of the alleged loan amount — claiming it was required to process the withdrawal. At this point, Jadeja grew suspicious and contacted the national cybercrime helpline number 1930 before lodging a formal complaint.  

Police have registered a case under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act. Investigators are now working to trace the individuals behind the scheme, including multiple bank account holders named in the complaint, and to recover the defrauded amount.

Why WhatsApp scams are hard to spot  

Cybercrime officials say such cases highlight how fraudsters exploit the familiarity and trust associated with messaging platforms like WhatsApp. By operating through groups that mimic legitimate advisory channels and using small early payouts, scammers lower victims’ guard before pushing them into high-value transactions.  

“These frauds rely as much on psychology as on technology,” a cybercrime investigator said. “Once trust is established, victims are more likely to overlook red flags such as pressure to invest quickly or demands for additional payments to ‘unlock’ funds.”  

Steps taken to secure accounts  

After the incident, the victim took immediate measures to secure his phone and online accounts, a set of precautions that experts recommend for all users:  

• Enable two-step verification: WhatsApp > Settings > Account > Two-step verification > Enable PIN  
• Activate app lock: WhatsApp > Settings > Privacy > App Lock > Use biometrics  
• Restrict unknown contacts: WhatsApp > Settings > Privacy > Groups/Calls > My Contacts only; block unsaved numbers  
• Block unknown app installations: Android Settings > Apps > Disable “Install unknown apps”; enable Play Protect  
• Secure chat backups: WhatsApp > Settings > Chats > Chat Backup > Enable encrypted backups; use disappearing messages  

Authorities are urging WhatsApp users to remain cautious of unsolicited investment offers, avoid downloading apps from unknown sources, and report suspicious messages immediately through the cybercrime helpline or local cyber police stations.