Engineer Loses $130K in Fake Crypto Investment Trap

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Authorities issue a warning about fraudulent crypto investment schemes after a retired engineer lost money amounting to $130,000 to scammers using WhatsApp groups and variations of fake trading apps.

Oh, the good old days when scammers used to call you at home, but now they’re getting fancy with WhatsApp groups and fake apps! A tale of deception unfolded on Friday when the Cyberabad cybercrime police filed a case after a 65-year-old retired engineer from Miyapur lost a staggering 1.28 crore to fraudsters. Who needs an honest job when you can steal people’s life savings with a counterfeit online trading scheme, right?

The victim, once employed in a government enterprise, told the police how he was added to a WhatsApp group on November 4th. The group was charmingly called ‘531 DBS Stock Profit Growth Wealth Group.’ Sounds like a pyramid scheme dressed in a tuxedo, doesn’t it? The mastermind behind it all was none other than ‘Professor Rajat Verma’ – not to be confused with a real professor, mind you – who was, conveniently, the admin. Also on board was a mysterious ‘analyst’ named Meena Bhatt. Together, they convinced the engineer to install a mobile application called DBS, developed under the ominously suspicious website name ggtkss.cc. If that’s not a red flag, I don’t know what is.

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The Trap: How Fraudsters Built Trust

But the con artists weren’t done with just their sweet talk. Oh no! They assured the victim of ‘special access’ to block trades and even hinted at some high-quality IPO allocations. Apparently, these opportunities were reserved for the elite, and only the chosen ones could avail them. Regular investors need not apply, they said. Because why not make an old engineer feel like he’s about to enter the stock market’s VIP club?

According to the police, the first deposit was a humble Rs 1 lakh on November 4th. The scammers let him withdraw Rs 5,000 to ‘earn his trust.’ But we all know how that works, right? That ‘success’ sent him spiraling into deeper investments, just like a kid who’s been given a candy bar and told, “Sure, you can have more, just trust me.” Between November 4th and December 5th, the engineer made several transfers, including a subscription to the Capital Small Finance Bank IPO and discussions of share repurchases. In total, his contributions exceeded 1.2 crore, sent through a variety of banks and UPI payments. Like a true investor, right? (Except, no.)

Account Frozen: The Final Betrayal

But, as with every good scam, the end was near. When the engineer tried to withdraw his balance, the scammers demanded a 20 percent fee. And, naturally, they then froze his account. Cue the realization: he’d been played. The poor man must’ve felt like a puppet with no strings left to pull.

On Friday, our engineer finally decided enough was enough and headed to the Cyberabad cybercrime police. Based on his complaint, the police filed a case under various sections of the Indian Penal Code, including 318(4), 319(2), 336(3), 338, and 340(2). They also brought in Section 66-D of the IT Act. Because why not? After all, stealing people’s savings is illegal, even when done with a fancy app and a WhatsApp group.

Cybercrime experts have now issued a reminder to all potential investors: don’t trust everything you see on your screen. Always check for regulatory approvals before throwing your money at a suspicious platform. Fraudsters often promise sky-high returns, but their credentials are as solid as a cloud. So, if you see anything fishy, don’t hesitate. Report it to the authorities before you find yourself in a similar predicament.

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2025-12-08 09:12