23-Year-Old Arrested for Online Share Trading Scheme Using Fake Apps and WhatsApp Groups to Mislead Elderly Investor

A 23-year-old man has been arrested by cybercrime authorities for orchestrating a sophisticated online share trading scam that defrauded an elderly investor of nearly $1 million. Investigators revealed the scheme relied on fake mobile trading applications and coordinated WhatsApp groups to create an illusion of legitimate stock market activity, with fabricated profit statements used to lure the victim into repeated, large transfers across multiple bank accounts.

Execution of the Scam

Authorities identified the accused as Bharathikannan Angamuthu, who played a central role in gaining the victim’s trust and facilitating 73 separate transactions over several months. Victim deposits were routed through multiple accounts, including an initial $43,000 into a private firm registered by the accused, a tactic consistent with complex money-laundering networks observed in prior investment fraud cases.

The scheme exploited WhatsApp groups such as “C778 Reliance Capital Innovators Hub,” where team members regularly posted messages claiming high returns, reinforcing the perception of legitimacy and prompting escalating deposits. Attempts to withdraw purported profits were blocked, with additional “service charges” demanded to extract more funds, a common pattern in organized cyber investment scams.

Enforcement Actions and Legal Follow-up

Police confirmed that Bharathikannan’s co-accused, Sabareesh Sekhar, currently in custody for a similar fraud, will be formally detained in connection with this case. Investigators are actively tracking other potential facilitators and monitoring the routing of illicit funds, highlighting the interstate and multi-account structuring commonly used to obscure financial trails in large-scale online scams.

Authorities have issued warnings to the public to avoid unverified trading apps, unknown WhatsApp groups, and unsolicited investment pitches, emphasizing that only regulated brokers with valid accounts should handle share transactions.