Ahmedabad Doctor Loses Rs 63–64 Lakh in WhatsApp Investment Scam Using Fake Trading App
A 69-year-old doctor in Ahmedabad lost approximately Rs 63–64 lakh after falling victim to a WhatsApp investment scam that used social engineering, fake testimonials and a fraudulent trading app. Scammers posing as an investment assistant added the victim to a WhatsApp group that displayed fabricated profit screenshots and persuaded him to download an app showing a simulated, growing balance. Over time he transferred funds into multiple bank accounts controlled by the fraudsters. When he tried to withdraw, the scammers demanded an additional Rs 16.91 lakh as a release fee and blocked withdrawals. Ahmedabad cybercrime police registered a case against five suspects for criminal breach of trust, cheating by impersonation, forgery and criminal conspiracy. The incident reflects a broader trend in India of messaging-app based investment frauds that use mule accounts and sometimes convert stolen fiat into crypto to launder proceeds. Recent multi-agency operations, including CBI cooperation with international partners, have dismantled similar networks and recovered assets, but enforcement gaps remain. Crypto traders should note the prevalence of social‑engineering scams, fake trading platforms and forced crypto conversion—risks that can increase illicit flows into digital assets and complicate traceability.
Neutral
This incident is primarily a fiat-targeted social‑engineering fraud rather than news about a specific cryptocurrency project or token, so direct price impact on major cryptocurrencies is limited—hence a neutral classification. Short-term effects: heightened media and regulator attention to scams can spur increased scrutiny of on‑ramps and exchanges, momentarily raising compliance costs and selling pressure for smaller tokens associated with fraud. But the case does not involve a major token hack, protocol exploit or exchange insolvency that would trigger broad market panic. Long-term effects: continued use of crypto for laundering stolen fiat could gradually increase regulatory pressure on crypto services, KYC/AML enforcement and on‑ramp friction, which may dampen speculative flows into higher‑risk tokens over time. For traders, the key practical impacts are increased due diligence needs, wary retail sentiment around schemes promising guaranteed returns, and potential short-term volatility in smaller, low-liquidity tokens if enforcement actions target platforms used for conversion.