Key Takeaways
- •A retired engineer in Miyapur lost ₹1.28 crore to scammers operating through a fake crypto trading app and a WhatsApp group.
- •The scam involved deceptive tactics like fake IPOs and block trades, with small initial withdrawals to build trust.
- •Authorities are urging investors to thoroughly verify trading platforms, check for regulatory approvals, and report any suspicious activity.
Cybercrime authorities in India have issued fresh warnings following a sophisticated cryptocurrency trading scam that defrauded a 65-year-old retired engineer from Miyapur of approximately ₹1.28 crore (around $133,000) within a month. This incident underscores the increasing threat of fraudulent crypto schemes that utilize messaging applications 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
According to police reports, the victim was added on November 4 to a WhatsApp group identified as “531 DBS Stock Profit Growth Wealth Group.” The group was managed by a fraudster operating under the alias Professor Rajat Verma, with an accomplice named Meena Bhatt posing as an analyst. This group promoted a mobile application called DBS, accessible via the domain ggtkss.cc, which falsely claimed to offer exclusive access to block trades and IPO allocations.
The victim made an initial investment of ₹1 lakh. To foster trust, the scammers permitted him to withdraw ₹5,000. In the subsequent month, the victim transferred a total exceeding ₹1.2 crore through bank transfers and UPI payments. When he attempted to withdraw his entire balance, the scammers demanded a 20 percent fee. Following this, they blocked his access to the account, leading the victim to file a complaint with the Cyberabad cybercrime police. Authorities have initiated a case under various sections of the Bharatiya Nyaya Sanhita and the Information Technology Act.
Broader Crackdown on Crypto Fraud
Cybercrime experts are advising investors to meticulously verify the credentials of any trading platform and confirm regulatory approvals before committing any funds. The tactic of promising guaranteed high returns is a common lure used in such scams, and any suspicious activity should be reported immediately.
Investors are strongly encouraged to exercise extreme caution, maintain a healthy skepticism towards any promises of "guaranteed" profits, and exclusively use verified exchanges and regulated financial platforms for trading or investing in digital assets. Law enforcement agencies emphasize that scams exploiting the popularity of cryptocurrency are becoming increasingly sophisticated, employing a combination of fake applications, messaging platforms, and social engineering tactics to target unsuspecting individuals.
This incident occurs amidst a broader investigation by India’s Enforcement Directorate (ED). The ED recently conducted raids at 11 locations across several cities, including Delhi, as part of a probe into a global cryptocurrency fraud amounting to $29 million.