India, May 21 -- A 59-year-old retired telecom professional from Kharghar lost over Rs.1.1 crore in an online trading scam operated via WhatsApp groups and a fraudulent investment website. The police on Monday registered a case of cheating in connection with the alleged scam that took place from April 9 till May 14.

The victim was added to a WhatsApp group unsolicited on April 6. The group was allegedly presented as a platform for stock market trading and IPO investments, with multiple admins and participants posing as investment advisors, assistants, and a CEO of a trading company, said a police officer.

According to the complaint, an assistant in the group guided the complainant in opening a broker account. She then directed him to a ...