57-Year-Old Indian Businessman Loses ₹18 Million After Joining 'Exclusive Investment Group'

A businessman from Kolkata, India, mistakenly believed he had joined an exclusive wealth management circle. Instead, he fell into an investment trap through the step-by-step manipulation of fraudsters, ultimately losing ₹18 million.

The 57-year-old victim previously received a shared link on WhatsApp inviting him to join an investment group posing as a renowned wealth management firm. Group members frequently posted seemingly professional market analyses and trading screenshots.

A woman identifying herself as "Ananya Varma" claimed to be an investment assistant, guiding investors through each step to ensure transactions and maximize returns. Under her direction, the victim opened an account via a website shared within the group.

Between September 29 and November 3, the victim invested a total of ₹18 million. Meanwhile, he received what appeared to be an investment certificate purportedly issued by the Securities and Exchange Board of India (SEBI).

However, the purported investment process abruptly halted at the withdrawal stage. The platform claimed that the victim's "investment score" had declined and demanded a ₹2.5 million penalty to restore the rating—otherwise, no withdrawals would be permitted. Since the platform had never mentioned any rating system, the victim questioned the payment, but the broker insisted it was an industry standard and that the fee was non-negotiable

The victim refused to pay and said that he would report the matter to SEBI. Shortly thereafter, both the platform and the assistant “Varma” ceased all communication, and the investment website showed that his account had been frozen.

Realizing hey had been scammed, the victim immediately reported the incident to the police. Investigations revealed that the fraudsters employed multiple layers of anonymity to conceal their identities. It remains unclear whether "Ananya Varma" was an actual operator or a fabricated identity.

BrokersView reminds You

Today, social media platforms are flooded with numerous "investment groups." Most of these groups are not genuine forums for investment discussion but rather designed traps by fraudsters. Many victims mistakenly believe they have stumbled upon an opportunity to get rich, unaware that this is where the scam begins.

To avoid falling into investment scams, BrokersView advises users to verify the regulatory status of financial brokers and remain vigilant against unlicensed & unregulated platforms.