Stock Market Scam: Man Invests ₹1.44 Crore via WhatsApp Link, Loses Entire Capital Despite Promised ₹40 Crore Profit

Ahmedabad Man Duped in Stock Market Scam: Loses ₹1.44 Crore via WhatsApp Link

An Ahmedabad-based man fell victim to a stock market scam orchestrated through social media. The victim, Neel Shah, a manager in a private company, was added to a WhatsApp group via a link he clicked on Instagram. The group claimed to offer 5% to 20% returns on investments, showcasing fake screenshots of deposits and profits to lure unsuspecting individuals.

Lured Through Social Media

Neel came across a stock market reel on Instagram on April 3 and clicked on it, leading him to join a WhatsApp group. The group regularly shared enticing messages about lucrative returns on investments. Members posted screenshots of their deposits and profits, creating a facade of credibility. Convinced by these messages, Neel decided to invest.

Promised ₹40 Crore Profit

After contacting the group admin Meghna Bhatia, Neel was directed to download an app via a link. He registered on the app, providing his mobile number, PAN card details, and bank account information. Initially, he deposited ₹5 lakh, which soon showed a profit. Encouraged, he made 12 transactions, investing a total of ₹1.44 crore.

The app displayed a staggering ₹40 crore profit, but when Neel attempted to withdraw his funds, the requests failed. Realizing he had been duped, Neel filed a complaint at the Paldi Police Station. Authorities have registered the case and initiated an investigation.

This incident serves as a cautionary tale about the dangers of unverified online investment platforms and the importance of due diligence.