India, Oct. 23 -- A Hyderabad-based IT professional fell victim to a WhatsApp-based trading scam, which cost him around Rs. 1.5 crore loss. What initially seemed like a legitimate investment opportunity soon turned out to be a coordinated online fraud involving fake returns, fabricated IPO allotments, and intimidation tactics. The scammers set up convincing WhatsApp trading groups, shared falsified payment proofs, and claimed affiliations with brokerage firms to gain the victim's trust.

The fraud began when the victim was contacted by someone calling himself "Uttekar," who claimed to be a trading advisor affiliated with a reputable brokerage firm. He was added to a WhatsApp group named "Wealth103Tradebulls Securities," where members regu...