The WhatsApp Group That Cost A Pune Banker His ₹30 Lakh Savings

By Prashant for PuneriPages.in

PUNE: In a sobering reminder that cybercriminals can target anyone, even the financially savvy, a 62-year-old retired bank manager from Hadapsar lost ₹30 lakh in a sophisticated online investment scam. What began as a casual addition to a WhatsApp group promising 10–15% monthly returns spiraled into a months-long deception involving a fake trading application, fabricated profits, and mounting financial losses.

How the Scam Worked — Step by Step

Step 1: The Lure — The WhatsApp Group
The victim was added to a WhatsApp group named Stock Vanguard Group. Posing as experienced stock traders, group members shared “success stories” and screenshots of high returns, claiming risk-free profits from stock investments.

Step 2: Building Trust with Fake Profits
The scammers convinced the victim to make an initial ₹50,000 investment through a link to a slick but fraudulent trading platform. Within days, his account dashboard showed rapid gains — a classic psychological trick to build confidence and encourage bigger investments.

Step 3: The Trap — Escalating the Investment
Encouraged by fake profits, the victim made several larger transfers to various bank accounts. Over multiple transactions, he ended up investing ₹30 lakh, believing he was growing his retirement savings.

Step 4: The “Withdrawal” Problem
When he tried to withdraw his earnings, the scammers claimed additional payments were needed for “taxes” and “processing fees.” It was only when withdrawals were repeatedly blocked that the victim realized he had been defrauded.

Warning Signs — How to Spot This Scam

Unsolicited Contact: Being added to random investment groups on WhatsApp or Telegram.
Guaranteed High Returns: Any promise of fixed, risk-free profits is a scam.
Unverified Platforms: Pressure to use unknown, non-regulated apps or websites.
Upfront Fees for Withdrawal: Genuine brokers deduct charges from profits; they never ask for advance payments.