India, Dec. 26 -- A man from Bhuj in Kutch district lost over Rs. 16 lakh after falling victim to a WhatsApp-based stock market investment scam. The victim, Ajitsinh Jadeja, an employee of a private firm, filed a complaint at the Cyber Police Station, Border Range Bhuj, alleging that unknown fraudsters promised high returns through stock market and IPO investments. He also named multiple bank account holders he suspects were involved in the scheme.

Police reports state that the scam began on April 21 when Jadeja was added to a WhatsApp group by an unknown contact. The group posed as an investment advisory platform, sharing daily stock tips to gain members' trust. On July 4, Jadeja received a WhatsApp link to an online form from another u...