Mangaluru Resident Defrauded in Elaborate WhatsApp Stock Trading Scam
A 46-year-old man from Mangaluru has filed a formal complaint alleging he was systematically cheated by fraudsters who enticed him into a deceptive online trading scheme through a WhatsApp group. The intricate scam, which resulted in a loss of Rs 1.6 lakh, highlights the growing risks of digital financial fraud.
The Initial Contact and False Promises
The victim reported receiving an unsolicited WhatsApp message on September 2, 2025, from an individual identifying himself as Praveen Patel. Patel promised to provide lucrative trading insights and began sharing daily stock market updates, gradually building trust. On September 17, Patel detailed his own fabricated investment journey, discussing profits, losses, and the purported benefits of investing, thereby persuading the complainant to participate.
Patel then directed the man to contact another individual named Chris Harper, providing a cellphone number. Initially, Harper advised starting with an investment of Rs 50,000. Following these instructions, the complainant transferred Rs 50,000 on October 6 to a current account under the name Raj Traders in Odisha.
Building False Confidence with Small Gains
Within two days, the fraudsters displayed a fake profit of approximately Rs 6,500 in the trading app. To reinforce credibility, when the complainant attempted to withdraw Rs 1,500, the amount was credited to his account within an hour. This successful transaction significantly boosted his confidence in the scheme.
Encouraged by this, the complainant contacted Harper again on October 19 and, as instructed, transferred an additional Rs 1 lakh to another account. Based on continued advice from Patel, he proceeded with trading, investing a total of Rs 1.6 lakh. The app then showed a manipulated profit of Rs 1.7 lakh, further misleading the victim.
Technical Manipulation and Escalating Demands
The situation turned suspicious when the complainant was permitted to invest in only 182 shares but was coerced into purchasing a higher number. Allegedly, a technical error caused double the shares to be allotted, inflating the payable amount to Rs 3.7 lakh despite his application for fewer shares. Undeterred, he continued investing as directed.
Eventually, the total value of all shares shown as invested by the complainant ballooned to Rs 13.7 lakh. After the app falsely displayed a 200% profit, the amount was manipulated to appear as Rs 42 lakh. However, when the complainant requested to withdraw his invested funds, the accused demanded payment of 38% as tax, threatening that the amount would not be released otherwise.
Police Intervention and Ongoing Investigation
Realizing he had been defrauded, the victim approached the authorities. A formal case has been registered at the Surathkal police station in Mangaluru, and an investigation is underway to track down the perpetrators. This incident serves as a stark reminder of the sophisticated tactics used by cybercriminals to exploit unsuspecting individuals through social media and messaging platforms.
Experts warn that such scams often involve fake profiles, fabricated returns, and pressure tactics to extract more money. Citizens are advised to verify the legitimacy of investment platforms and avoid sharing personal or financial details with unknown contacts online.
