India, Dec. 6 -- A 71-year-old Vashi resident lost Rs.1.6 crore in just 21 days after falling prey to an online investment racket operating through WhatsApp groups and fake trading applications.

According to the complaint, the senior citizen, who runs a transport business, was added without his knowledge to a WhatsApp group on November 1 at around 10pm. The group appeared to have members actively engaged in stock trading and claiming large profits.

"A woman in the group acted as an investment guide, posting updates on stock trades and IPOs. Her messages, along with the apparent profits displayed by others, convinced the victim that the platform was genuine," a police officer said.

On November 4, the man was added to a second group, whe...