A 78-year-old textile businessman in Delhi lost Rs 18.80 crore through a fake investment app promoted via a WhatsApp group. This marks the second-largest cyber fraud case in Delhi, beginning in July 2024 and uncovered in October. The victim reported it to police in November 2024, leading investigators to a Chinese syndicate based in Cambodia.
One morning in July 2024, the Delhi-based septuagenarian textile businessman received a WhatsApp link from an unknown number inviting him to a shares trading company group. Unfamiliar with online trading, he joined on July 24, drawn by promises of 30% returns on an IPO via a website mimicking a known non-banking financial company. The group had over 50 members and seven administrators, active only during stock market hours from 9 am to 4 pm.
Members shared convincing stories of profits, such as buying shares worth Rs 100 for Rs 75 and selling for Rs 125. Inspired, he downloaded the app and on September 10 inquired about investing in the IPO. An administrator advised subscribing and waiting until Thursday, September 12, for allotment results. His first investment was Rs 25 lakh, with the app's dashboard showing a 30% profit, building his confidence.
Over time, he transferred a total of Rs 18.80 crore from his two accounts to 26 others, encouraged by the rising profit indicators. In October 2024, attempts to withdraw profits were blocked, and WhatsApp communications went silent. He recalled, 'I had two options: either fall ill or fight. I chose to fight.'
In November 2024, after calling the 1930 cybercrime helpline, he approached the IFSO unit in Dwarka on November 27. DCP Vinit Kumar explained that scammers exploit greed, fear, and urgency. Investigations revealed the group and company were fake, orchestrated by a Chinese gang in Cambodia, with some recruits lured via Nepal.
Funds were routed through mule accounts, quickly converted to cryptocurrency, and sent overseas, dispersed across 1,500 accounts in days. Police arrested over 20 mule account holders from Rajasthan, Gujarat, Maharashtra, and Punjab—mostly unemployed or laborers—with the first arrest in Surat in December 2024 and the latest in Rajasthan late November. About Rs 1 crore was recovered by freezing accounts. Delhi reported cyber frauds totaling over Rs 1,200 crore until November this year. The victim lamented, 'When they find out, everyone will laugh at me.'