Fraudulent Group 'Next Billion Technology' Steals ₹1 Million from an Indian Victim

An Indian man recently fell victim to a WhatsApp investment group scam, losing over 1 million rupees.

According to media reports, the 42-year-old victim, Altaf Hussain, received a link via Facebook on July 5, which led him to join a WhatsApp group named “Next Billion Technology.” The group claimed to provide stock investment guidance that could generate substantial profits.

In the group, a woman named Parinithi Jain claimed to have founded a company in Bangaluru, India, and shared daily updates on the Indian stock market via WhatsApp. Additionally, another group member named Anup Tiwari regularly provided the latest information on Indian stocks.

On July 10, Parinithi sent the victim a link to an online trading platform. Trusting her guidance, the victim created an account and invested ₹1.01 million in stocks and IPOs. Notably, at Parinithi’s request, the funds were transferred to several bank accounts.

On August 5, Altaf logged into the trading website and saw his account balance had surged to ₹7.54 million. However, when he attempted to withdraw funds, his account was suddenly blocked.

Altaf reached out to Parinithi for a reason, but was told that he needed to pay an additional 20% commission, an amount that could not be deducted from his profits.

The victim grew suspicious and refused to pay the fee. Upon searching online for the company address provided by the scammer, he discovered that no such stock company existed.

BrokersView reminds you

Before making an investment decision, people should not only focus on the returns promised by the broker, but also pay attention to the financial license of the trading platform.

Investors can check the regulatory details of brokers through BrokersView before investing to reduce risks.