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A 63-year-old man from Hyderabad fell victim to a sophisticated fraudulent investment scheme via a WhatsApp titled ‘Stock Discussion Group,’ which promised impressive financial returns. Initially, the scam returned some amount, prompting the victim to invest more than 50 lakh Rs.
The group was managed by Kunal Singh, who presented himself as a seasoned financial advisor, reports India Today. Singh claimed to have a record of achieving up to 500% returns, and his alleged successes captivated the victim, who decided to invest in the scheme.
The fraudsters conducted ‘online stock classes’ and shared links within the WhatsApp group, leading members to private sessions. Here, Singh reportedly offered specific stock advice insights into market trends.
At this stage, the platform Skyrim Capital was introduced as a legitimate investment service, furthering the illusion of credibility. The victim began with modest investments, but seeing purported profits encouraged him to invest larger amounts, ultimately leading to a total investment of Rs. 50 lakh.
This is a classic ‘pig-butchering scam’ that has claimed hundreds of victims and is used by several threat actors. Scammers build trust by initially presenting small profits, prompting victims to invest more significant sums over time.
In this case, the victim was reportedly directed to transfer funds to multiple accounts under different beneficiary names, a tactic often employed by fraudsters to obscure the money trail and avoid detection.
When it came time to withdraw his supposed earnings, the victim was stonewalled, and it became clear he had been scammed. The incident has now drawn the attention of local law enforcement, who confirmed that scams of this nature are becoming increasingly common on messaging platforms.
Due to their widespread use, messaging platforms like WhatsApp are used as tools by threat actors. To protect themselves from such scams, users should remember that if a scheme sounds too good to be true, then it’s probably a scam.
Even a few percent returns seem difficult, and in this case, the scammer promised a whopping 500% return. These schemes should always be viewed with suspicion.
Users should also report such scams to the Cyber Crime Portal and not conduct transactions or provide their details to strangers on the Internet. Recently, a woman in Bengaluru lost Rs. 87,000 through a scam app.
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