In a troubling incident highlighting the surge of online scams in India, a 63-year-old man from Hyderabad lost Rs.50 lakh to a fraudulent stock market scheme run through a WhatsApp group. This case sheds light on the increasing vulnerability of elderly individuals to cybercriminals employing sophisticated tactics.

The victim joined a WhatsApp group called “Stock Discussion Group,” hoping to explore investment opportunities. The group administrator, Kunal Singh, portrayed himself as a seasoned financial advisor, claiming he could offer exceptional investment returns and sharing stories of his successful clients.

Singh claimed that a “2022 stock class” he ran had generated returns of up to 500 percent on select stocks. Encouraged by discussions in the group, the victim signed up for online sessions to learn more about profitable trading strategies.

The online classes were held via links shared in the WhatsApp group, leading participants to private virtual meetings where Singh provided insights into the market and specific stock recommendations. During these sessions, he urged attendees to invest through a platform named “Skyrim Capital,” which he falsely represented as a legitimate financial service.

Initially, the victim invested small sums and was shown supposed profits, boosting his confidence in the scheme. Gradually, Singh persuaded him to invest more, luring him with promises of even higher returns. Ultimately, the victim transferred a total of Rs.50 lakh across various accounts and beneficiary names, a tactic often used by fraudsters to evade detection. When he tried to withdraw his supposed profits, however, the scammers denied his request. It was only then that he realized he had fallen victim to a scam.

In another disturbing trend, cybercriminals have begun using deepfake videos to ensnare unsuspecting victims. Recently, two individuals from Bengaluru were scammed through deepfake videos of notable business figures, including Infosys co-founder Narayana Murthy and Reliance Chairperson Mukesh Ambani. One victim, Veena, encountered a deepfake video on social media where Murthy appeared to endorse a trading platform with guaranteed high returns. Trusting the video, she invested in the scheme, only to later discover it was fraudulent.

Similarly, Ashok Kumar, a retired employee, was misled by a Facebook advertisement featuring a deepfake of Mukesh Ambani. Believing the promises made in the video, he transferred Rs.19 lakh across multiple accounts. When the scammers ceased all communication, Kumar realized he had been conned.

As online scams continue to rise, particularly those targeting older adults, authorities and financial experts are urging caution. They advise family members to educate elderly relatives about the risks of joining financial advice or investment groups on unverified platforms like WhatsApp. Legitimate financial institutions and advisors typically do not conduct business solely through messaging apps, and any promises of high, guaranteed returns should be viewed as significant warning signs.

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