Quick Breakdown
- A retired engineer in Miyapur loses ₹1.28 crore to scammers in a fake crypto trading app and a WhatsApp group.
- Fraud involved fake IPOs, block trades, and small initial withdrawals to gain trust.
- Authorities urge investors to verify platforms, check regulatory approvals, and report suspicious activity.
Cybercrime authorities in India have issued fresh warnings after a 65-year-old retired engineer from Miyapur fell victim to a sophisticated cryptocurrency trading scam, losing approximately 1.28 crore rupees ($133,000) over a month-long period. The case highlights the growing prevalence of fraudulent crypto schemes leveraging messaging apps and fake trading platforms.
RETIRED INDIAN ENGINEER LOSES $133,000 AFTER FALLING FOR FAKE WHATSAPP CRYPTO TRADING GROUP pic.twitter.com/w5AVlE7l3N
— Flux Charts (@FluxCharts) December 7, 2025
How the scam unfolded
Police reports indicate the victim was added on November 4 to a WhatsApp group named “531 DBS Stock Profit Growth Wealth Group,” operated by a fraudster using the alias Professor Rajat Verma, with an accomplice named Meena Bhatt presenting themselves as an analyst. The group promoted a mobile application called DBS, hosted on the domain ggtkss.cc, claiming to offer exclusive access to block trades and IPO allocations.
The victim initially invested Rs 1 lakh; later, he was allowed to withdraw Rs 5,000 to build trust. Over the next month, he made multiple transfers totalling more than 1.2 crore rupees through bank accounts and UPs. When attempting to withdraw the full balance, the scammers demanded a 20 per cent fee. Subsequently, they blocked access to the account, prompting the victim to file a complaint with the Cyberabad cybercrime police.
Authorities have registered a case under multiple sections of the Bharatiya Nyaya Sanhita and the Information Technology Act. Cybercrime experts warn investors always to verify platform credentials and confirm regulatory approvals before committing funds. Fraudulent guarantees of high returns remain a common tactic, and suspicious activity should be reported immediately.
Broader crackdown on crypto fraud
Investors are urged to exercise heightened caution, maintain skepticism toward “guaranteed” profits, and use only verified exchanges and regulated financial platforms when trading or investing in digital assets. Authorities also emphasize that scams exploiting crypto’s popularity are increasingly sophisticated, combining fake apps, messaging apps, and social engineering to target unsuspecting investors.
This incident comes amid a wider investigation by India’s Enforcement Directorate (ED), which recently raided 11 locations across cities, including Delhi, as part of a probe into a $29 million global cryptocurrency fraud.
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