In a shocking turn of events, a resident of Visalakshi Nagar, Vizag became the latest victim of an elaborate WhatsApp fraud, losing a staggering ₹64 lakh. The individual was sent a request to join a scam WhatsApp group named ‘Stock Exchange’ by an unknown contact. The group was seemingly an educational one, based on sharing knowledge about stock market trading, and teaching members how to get high returns with minimal investments.
Initially, the group provided what seemed like legitimate stock market classes. Trusting the process, the victim made multiple deposits totaling ₹64 lakh to various digital platforms and bank accounts referred by them. After a substantial financial loss, the realization of having been cheated dawned upon the victim, and he filed a complaint with the Visakhapatnam City Police.
The police’s investigation led to the arrest of five individuals involved in the WhatsApp scam. The accused are Yadla Nageswara Rao from Visakhapatnam, Thallabattula Satish Kumar, Anguru Manohar, and Chivukula Venkata Anil, all from Hyderabad, and Sarath Chandra Behara from Odisha.
In light of this WhatsApp fraud case, the Vizag City Police police have issued a stern warning to the public to be wary of social media platforms and have issued caution against opening links from unknown sources, and connecting with unknown people.
The city police’s press note on the incident highlights the growing concern over fraudulent stock market trading schemes. These groups often disband shortly after their formation, leaving members with false hopes of profit from market tips and calls. The note emphasizes that only SEBI-registered academic advisories should be trusted for stock market trading tips.
The Visakhapatnam Police Commissioner, Dr A Ravi Shankar, IPS, and the Joint Commissioner of Police, Dr K Fakeerappa IPS, have confirmed the seizure of the victim’s funds from various accounts. The investigation revealed a complex web of transactions, including the conversion of stolen funds into USDT cryptocurrency and their subsequent transfer to Thailand.
Stay tuned to Yo! Vizag website and Instagram for more city news updates.
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