The Central Bureau of Investigation (CBI) cracked a complex cybercrime case in which a retired professor from Visakhapatnam was cheated out of almost ₹2 crore in a shares investment scam.
The elaborate scheme involved scammers creating a fraudulent WhatsApp group masquerading as a legitimate Mumbai-based financial services company, enticing the professor to transfer substantial sums into various bank accounts.
Professor’s ordeal began between April 19 and May 30, 2025, when he received an unsolicited message inviting him to join a WhatsApp group offering investment guidance. After joining, he was provided with a web link to sign up for investment opportunities. To build trust, the scammers orchestrated an initial investment of ₹10,000, which the professor successfully withdrew along with a ₹3,000 profit, seemingly validating the legitimacy of the scheme.
Encouraged by this initial “success,” the retired professor subsequently invested approximately ₹1.92 crore in various stocks between April 19 and May 27, 2025. However, when the associated trading application later displayed his investment value as a staggering ₹35 crore, he attempted to withdraw ₹5 crore but was met with failure.
Upon contacting the scammers, they demanded a commission of ₹32 lakh for the withdrawal, which was later negotiated down to ₹7.90 lakh. Despite paying this additional commission on May 30, 2025, he remained unable to access his funds.
Realizing he had fallen victim to a scam, the professor promptly reported the incident to the CBI. The agency has since registered a case, filing charges under sections related to criminal conspiracy, impersonation, and cheating, in accordance with the Bharatiya Nyaya Sanhita and the Information Technology Act.
The investigation is ongoing to identify and apprehend the perpetrators behind this large-scale financial fraud.
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