BackFrom fake stocks to deepfakes: Cybercriminals target elderly in rising Indian online scam wave
A Hyderabad man fell victim to a ₹50 lakh scam linked to a WhatsApp stock trading group, reflecting a troubling trend targeting seniors. Authorities recommend vigilance against such schemes and caution against sharing personal information with unverified platforms.
PremiumIn a shocking incident that underscores the sharp rise in online scams in India, a 63-year-old man from Hyderabad was recently defrauded of ₹50 lakh after joining a fraudulent stock market scheme organised through a WhatsApp group. The case highlights the vulnerability of elderly citizens in the digital landscape, as they are increasingly targeted by cybercriminals with sophisticated tactics.
The incident unfolded when the victim, intrigued by a WhatsApp group titled “Stock Discussion Group," joined to learn more about investment opportunities. The group administrator, Kunal Singh, presented himself as a well-established financial advisor, claiming exceptional returns on investments and enticing potential investors with tales of his past clients' financial success.
Singh boasted of a “2022 stock class" that, he alleged, had produced returns as high as 500 per cent on select stocks, reported The Hindu. Encouraged by the group discussions, the Hyderabad resident enrolled in online sessions, hoping to gain insights into profitable stock trading strategies.
The online classes were facilitated through links shared on the WhatsApp group, directing participants to private virtual sessions where Singh provided market insights and specific stock recommendations. During these sessions, the fraudster encouraged the attendees to invest through a platform named “Skyrim Capital," which he fraudulently presented as a legitimate financial service provider.
At first, the victim invested small amounts and was shown supposed profits that heightened his confidence in the scheme. Gradually, Singh convinced him to increase his investments with promises of even greater returns. Over time, the victim invested a total of ₹50 lakh, which he transferred across multiple accounts and beneficiary names, a tactic commonly used by fraudsters to evade detection. However, when he attempted to withdraw his profits, the scammers denied the transaction. It was only then that the victim realised he had fallen prey to a scam.
In a separate but cyberfraud case, deepfake videos have been used by scammers to lure victims into fraudulent schemes. Recently, two residents from Bengaluru fell victim to scams involving deepfake videos featuring prominent business figures, Infosys co-founder Narayana Murthy and Reliance Chairperson Mukesh Ambani. According to The Times of India, one of the victims, Veena, encountered a video on social media in which Narayana Murthy appeared to promote a trading platform with guaranteed high returns. Believing it to be genuine, she invested in the scheme, only to realise later that it was a scam.
In another instance, Ashok Kumar, a retired employee, was deceived after coming across a Facebook ad with a deepfake video of Mukesh Ambani. Convinced by the video’s promises, he transferred ₹19 lakh across various accounts. When the scammers stopped responding, Kumar realised he had been conned.
As online scams continue to escalate, especially those targeting older individuals, authorities and financial experts are urging citizens to exercise caution. Family members are encouraged to guide elderly relatives on the dangers of joining financial advice or investment groups on unverified platforms like WhatsApp. Legitimate financial institutions and advisors typically do not operate solely through messaging applications, and promises of high, guaranteed returns are a significant red flag.
The online classes were facilitated through links shared on the WhatsApp group, directing participants to private virtual sessions where Singh provided market insights and specific stock recommendations. During these sessions, the fraudster encouraged the attendees to invest through a platform named “Skyrim Capital," which he fraudulently presented as a legitimate financial service provider.
At first, the victim invested small amounts and was shown supposed profits that heightened his confidence in the scheme. Gradually, Singh convinced him to increase his investments with promises of even greater returns. Over time, the victim invested a total of ₹50 lakh, which he transferred across multiple accounts and beneficiary names, a tactic commonly used by fraudsters to evade detection. However, when he attempted to withdraw his profits, the scammers denied the transaction. It was only then that the victim realised he had fallen prey to a scam.
In a separate cyberfraud case, deepfake videos have been used by scammers to lure victims into fraudulent schemes. Recently, two residents from Bengaluru fell victim to scams involving deepfake videos featuring prominent business figures, Infosys co-founder Narayana Murthy and Reliance Chairperson Mukesh Ambani. According to The Times of India, one of the victims, Veena, encountered a video on social media in which Narayana Murthy appeared to promote a trading platform with guaranteed high returns. Believing it to be genuine, she invested in the scheme, only to realise later that it was a scam.
In another instance, Ashok Kumar, a retired employee, was deceived after coming across a Facebook ad with a deepfake video of Mukesh Ambani. Convinced by the video’s promises, he transferred ₹19 lakh across various accounts. When the scammers stopped responding, Kumar realised he had been conned.
As online scams continue to escalate, especially those targeting older individuals, authorities and financial experts are urging citizens to exercise caution. Family members are encouraged to guide elderly relatives on the dangers of joining financial advice or investment groups on unverified platforms like WhatsApp. Legitimate financial institutions and advisors typically do not operate solely through messaging applications, and promises of high, guaranteed returns are a significant red flag.|#+|
Investors should bear in mind that the stock market is inherently volatile, and no credible advisor can guarantee specific returns, particularly claims as extreme as 500 per cent. Before making substantial investments, especially with unfamiliar entities or platforms, it is advisable to consult a certified financial professional or trusted family member.
Cybercrime experts warn that the public should be wary of schemes that appear too good to be true and avoid sharing personal or financial information through unverified sources. With scams becoming more sophisticated, increased awareness and proactive caution are crucial to safeguarding against financial loss.
According to law enforcement officials, fraudsters are increasingly taking advantage of the elderly, who may not be fully equipped to identify online threats. Authorities are urging the public to report any suspicious online financial activity via the national cyber crime helpline at 1930 or through the government portal at cybercrime.gov.in.
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