Rs 1.88 crore scam: How "trusted" WhatsApp group on stock tips scammed Thane businessman

A 48-year-old businessman in Thane, Maharashtra, was duped out of a staggering Rs 1.88 crore in a cunning share trading scam orchestrated via WhatsApp. The victim, who owns a coaching class, was lured into the scheme after being added to a group called 'STOCK Vanguard (F)' in March. This group, with around 170 members, actively shared stock tips and trading advice, which initially convinced the businessman of its legitimacy.

"As per the complainant, an unidentified person added him to the WhatsApp group 'STOCK Vanguard (F)' in March," revealed an official.

Impressed by the group's recommendations, he invested in the suggested shares. This seemingly positive move resulted in him being invited to another, more exclusive group named 'STOCK-Vanguard-VIP'. Here, three individuals posing as Isha, Divya, and Raj Rupani further manipulated him. They presented him with a fabricated SEBI certificate to establish trust and then convinced him to invest through a dubious app called CINVEN/IC SERVICES, promising significant returns.


Falling prey to their deceptive tactics, the businessman invested a substantial sum exceeding Rs 1.88 crore.

However, when he attempted to withdraw his funds, he was completely ignored.

With no response forthcoming, he realised he had been scammed and reported the incident to the Vitthalwadi police station. A case under section 420 of the Indian Penal Code (cheating) has been registered, but the perpetrators remain at large.

Inputs from agencies