Delhi businessman loses ₹18.80cr in WhatsApp investment scam
A 78-year-old Delhi businessman lost a staggering ₹18.80 crore after falling for an investment scam on WhatsApp, making this the second biggest case of cyber fraud — and the biggest online 'investment' scam — ever reported in Delhi.
The scammers posed as a legit trading group, promised 30% returns on IPOs, and used fake chats to look convincing.
How the scam worked and what's happening now
After joining the group and downloading their app, the businessman started with ₹25 lakh but couldn't withdraw his "profits."
Despite warning signs, he kept investing—eventually spreading money across 26 accounts before being locked out entirely by October 2024.
When he reported it to police in November, investigators traced the operation to a Chinese-led syndicate in Cambodia that funneled funds through crypto and overseas channels.
So far, over 20 people linked as "mule" account holders have been arrested, about ₹1 crore has been recovered, and police are still digging deeper as online scams keep rising sharply in Delhi.