- The victim joined a group called 531 DBS Stock Profit Growth Wealth Group on November 4.
- He transferred more than INR 1.2 crore between November 4 and December 5.
- Withdrawals were blocked after a demand for a 20% fee.
A recent case involving a counterfeit crypto trading app has renewed concerns about how easily investors can be drawn into sophisticated digital scams in India.
The incident came to light after a retired engineer reported significant financial losses tied to a WhatsApp investment group and a mobile application posing as a legitimate trading platform.
Authorities have issued fresh warnings, urging users to scrutinize online investment spaces more carefully as cybercriminal networks become increasingly coordinated and technologically advanced.
Entry through social groups
According to reports, the fraud began on November 4 when a 65-year-old retired engineer from Miyapur, formerly employed at a government company, was added to a WhatsApp group named 531 DBS Stock Profit Growth Wealth Group.
The group was run by individuals presenting themselves as Professor Rajat Verma and an analyst named Meena Bhatt.
They positioned the space as an exclusive community offering access to premium investment ideas and special exchange opportunities.
The operators encouraged the victim to install a mobile application called DBS, hosted on the domain ggtkss.cc.
The group portrayed the platform as a gateway for bulk trades and arranged initial allocations for public offers typically inaccessible to retail traders.
The victim deposited INR 1 lakh the same day he joined the group.
Soon after, a withdrawal of INR 5,000 was allowed, creating a sense of legitimacy around the platform and motivating him to continue engaging with the group.
Transfers accelerate over a month
From November 4 to December 5, the victim transferred more than INR 1.2 crore through multiple bank accounts and Unified Payments Interface channels.
The transactions included what he believed were subscriptions to the initial public offering of Capital Small Finance Bank and a stock buyback program.
The app displayed a growing balance, reinforcing the impression that trades were proceeding as expected.
The situation changed when the victim tried to withdraw his accumulated funds.
The operators demanded a 20% payment before releasing the balance.
After he refused to pay the fee, the account was permanently blocked. In total, the victim lost approximately USD 130,000, equivalent to INR 1.28 crore.
He filed a complaint with the Cyberabad cybercrime police on Friday.
Police action and broader warnings
Authorities registered a case under sections 318(4), 319(2), 336(3), 338 and 340(2) of the Bharatiya Nyaya Sanhita included in section 3(5), and under section 66D of the Information Technology Act.
Police noted that the structure of the operation resembled a broader pattern seen in digital investment crimes, where cloned applications, controlled chat groups and incremental deposits form a staged investment journey designed to appear credible.
Cybercrime teams are using this case to emphasize the need for stricter verification practices among retail investors.
Officials warned that fake credentials, access to supposedly premium offerings and guaranteed return claims remain common tactics in similar schemes.
They urged potential investors to independently verify platform authenticity, confirm regulatory approvals, and report suspicious apps, links or WhatsApp groups immediately to cybercrime portals.
A growing challenge for digital markets
The case reflects a broader shift in how fraudsters operate, increasingly blending social messaging channels, cloned trading apps and targeted persuasion strategies.
As authorities continue to act, the growing reliance on digital investment tools means retail traders must scrutinize platforms carefully before transferring funds.
Realistic branding, staged trading claims and gradual withdrawals make detection harder for inexperienced investors.