- The victim joined a group called 531 DBS Stock Profit Growth Wealth Group on November 4th.
- He transferred more than 1.2 billion rupees between November 4 and December 5.
- My withdrawal was blocked after being asked for a 20% fee.
Recent incidents involving counterfeit crypto trading applications have sparked fresh debate in India about how easily investors can fall for sophisticated digital scams.
The case came to light after a retired engineer reported significant financial losses related to a mobile app masquerading as a WhatsApp investment group and trading platform.
Authorities have now issued a new warning, urging users to take a closer look at the online investing space as cybercrime networks become more connected and technology advances.
Entry through social groups
According to reports, the fraud began on November 4 when a 65-year-old retired engineer from Miyapur who previously worked in a government company was added to a WhatsApp group called ‘531 DBS Stock Profit Growth Wealth Group’.
The group was run by individuals calling themselves Professor Rajat Verma and Analyst Meena Bhatt.
They have positioned this space as a professional community offering access to exclusive deals and premium investment ideas.
The operator encouraged victims to install a mobile app labeled DBS hosted on the domain ggtkss.cc.
The group has positioned the platform as a gateway to block trades, handpicking allocations for initial public offerings that are normally inaccessible to retail traders.
The victim deposited 100,000 rupees on the same day he joined.
Soon after, he was allowed to withdraw Rs 5,000, creating a sense of legitimacy around the platform and motivating him to continue his involvement with the group.
Transfers will be accelerated by more than 1 month
Between November 4 and December 5, the victim transferred over Rs 1.2 billion through multiple bank accounts and unified payment interface channels.
The transaction included what he believed was Capital Small Finance Bank’s IPO offer and share buyback program.
The filing showed the balance growing, reinforcing the impression that transactions were occurring as expected.
The situation changed when the victim tried to withdraw the funds she had saved.
The operator required a 20% payment before releasing the balance.
After he refused to pay the fee, his account was permanently blocked. In total, the victims lost about $130,000, or 1.28 billion rupees.
He filed a complaint with the Cyberbad Cyber Crime Police on Friday.
Police action and widespread warning
The authorities have registered a case under Sections 318(4), 319(2), 336(3), 338 and 340(2) (read with Section 3(5)) of the Bharatiya Nyaya Sanhita and Section 66-D of the Information Technology Act.
Police observed that the structure of the operation reflected a broader pattern seen across digital investment crimes, with cloned apps, moderated chat groups and escalating deposits forming part of a staged investment itinerary designed to appear trustworthy.
The cybercrime team is using this incident to highlight the need for increased verification among retail investors.
Officials noted that false credentials, access to supposed premium deals, and guarantees of guaranteed returns remain common tactics used in similar schemes.
They urge potential investors to independently check the authenticity of the platform, check for regulatory approvals and immediately report suspicious applications, links and WhatsApp groups to cybercrime portals.
The growing challenges of digital markets
This incident reflects a broader change in the way scammers operate, with their methods increasingly relying on a seamless combination of social messaging channels, cloned trading apps, and targeted persuasion strategies.
Continued regulatory intervention and increased reliance on digital investment tools means retail traders increasingly need to vet platforms before transferring funds.
Realistic branding, structured trade claims, and the use of staged withdrawals make it difficult to discover for first-time investors.
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