Andhra Pradesh — In yet another alarming incident of cybercrime, a retired academician from Andhra Pradesh fell prey to a high-tech investment scam orchestrated via WhatsApp, resulting in a massive financial loss of nearly ₹2 crore. The scam, involving fake investment groups and cloned websites, highlights the increasing sophistication of cyber fraudsters and the growing threat to even educated and financially aware individuals.
How the Scam Unfolded
Dr. M. Batmanabane Mounissamy, a respected former director of JIPMER (Jawaharlal Institute of Postgraduate Medical Education & Research), was added to a WhatsApp group named “H‑10 Nuvama Health Group” on June 18, 2025. The group appeared to represent Nuvama Wealth Management, a known financial services company formerly known as Edelweiss.
Soon after joining the group, he received a direct message from a woman identifying herself as “Kangana,” claiming to be an official from Nuvama. She introduced him to a website that mirrored the original Nuvama investment platform. The platform displayed lucrative investment plans with quick and high returns, prompting the professor to invest.
Small Gain, Big Loss
Dr. Mounissamy first invested ₹10,000 and, within a short period, was shown a return of ₹13,000. Encouraged by the seemingly fast and legitimate gain, he gradually increased his investment over the following weeks. In total, he transferred around ₹1.9 crore across multiple transactions. The fraudulent platform consistently updated his “investment balance,” eventually showing over ₹35 crore in returns.
However, trouble began when he attempted to withdraw ₹5 crore. The scammers demanded a “processing fee” of ₹32 lakh, later renegotiated to approximately ₹7.9 lakh. Despite paying the fee, no amount was released.
To add further deception, the scammers brought in another impersonator posing as a senior Nuvama executive named “Ashish Kehair”, promising help. But no funds materialized, and contact with the group eventually ceased.
Realization and Legal Action
Realizing he had been duped, Dr. Mounissamy filed a complaint with the Central Bureau of Investigation (CBI). Cybercrime experts have now launched an investigation into the origin of the scam, suspecting a well-organized network behind the operation.
Why the Scam Worked
- Use of Brand Trust: The victim had existing investments with Nuvama, which made the group name and website appear legitimate.
- Realistic Returns: The scam began with believable returns, mimicking authentic investment behavior.
- Well-Designed Fake Platform: The cloned website had a polished interface with real-time balance updates and investor dashboards.
- Social Engineering: The scammers used friendly interactions, fake names, and professional communication to earn the victim’s trust.
Rising Threat of Digital Investment Scams
Experts say investment scams have surged in recent months, especially on platforms like WhatsApp, Telegram, and Instagram, where scammers build rapport through groups that appear legitimate. Victims are usually offered high-yield returns in crypto, stocks, or mutual fund-like schemes, only to be defrauded after initial gains.
What You Should Do to Stay Safe
- Verify Group Authenticity: Financial institutions do not add clients to investment groups without consent.
- Avoid Sharing Personal Details: Do not share PAN, bank details, or OTPs on social media or messaging apps.
- Do Not Trust Quick Profits: Investments showing instant and high returns are often red flags.
- Use Only Official Apps/Websites: Always download apps and access services directly from official sources or verified app stores.
- Report Immediately: If you suspect fraud, report it to your local cybercrime unit or file a complaint at cybercrime.gov.in.
Conclusion
This incident serves as a stark reminder that digital fraudsters are becoming more skilled, leveraging technology, branding, and human psychology to carry out their crimes. Even those with deep financial knowledge can fall victim. Awareness, skepticism, and verification are now essential tools to protect one’s digital wealth.