In a shocking turn of events underscoring the rise of online scams in India, a 63-year-old man from Hyderabad lost ₹50 lakh after joining a fraudulent stock market scheme organized through a WhatsApp group. This case highlights the vulnerability of elderly citizens in the digital era, as they are increasingly targeted by sophisticated cybercriminals.
The incident unfolded after the man joined a WhatsApp group titled “Stock Discussion Group” to explore investment opportunities. The group administrator, Kunal Singh, posed as an experienced financial advisor and promised remarkable returns, boasting of past clients’ success stories.
Kunal Singh promoted his “2022 stock class,” claiming it had generated profits as high as 500% on certain stocks, as reported by The Hindu. Inspired by these testimonies and the discussion within the group, the victim attended online sessions to learn about profitable stock trading strategies.
These sessions, facilitated through private links shared in the WhatsApp group, included detailed market insights and specific stock recommendations. Singh encouraged attendees to invest through a platform called “Skyrim Capital,” which he fraudulently presented as a legitimate financial service provider.
Initially, the victim invested a modest sum and saw apparent profits displayed, which increased his confidence in the scheme. Gradually, Singh persuaded him to invest larger amounts with promises of even higher returns. Over time, the victim invested a total of ₹50 lakh, transferred across multiple accounts under different beneficiary names—an evasion tactic often used by fraudsters to avoid detection. When the victim attempted to withdraw his earnings, however, the scammers denied the transaction, leading him to realize he had been conned.
Deepfake Scams Add a New Layer to Cyberfraud in India
In a separate but equally alarming trend, scammers are now using deepfake technology to exploit the trust of unsuspecting individuals. Recently, two Bengaluru residents fell prey to scams involving deepfake videos of well-known figures, Infosys co-founder Narayana Murthy and Reliance Chairperson Mukesh Ambani.
In one case, a woman named Veena saw a deepfake video on social media where Narayana Murthy appeared to endorse a high-return trading platform. Convinced of its authenticity, she invested, only to discover later that it was a scam. In another instance, Ashok Kumar, a retired employee, was duped after seeing a Facebook ad featuring a deepfake of Mukesh Ambani. Drawn in by the promise of large returns, he transferred ₹19 lakh across several accounts before realizing he had been scammed when the fraudsters ceased communication.
These incidents reflect a worrying trend, where scammers leverage advanced technology to create lifelike impersonations of trusted public figures. The use of deepfakes adds a new, dangerous dimension to cybercrime, making it harder for individuals to distinguish between genuine and fraudulent content.
Protecting the Elderly from Scams: A Collective Responsibility
As online scams rise, particularly those targeting older adults, authorities and cybersecurity experts urge heightened caution. Family members play a crucial role in educating elderly relatives on the risks of engaging with unverified financial groups, especially on messaging platforms like WhatsApp. Legitimate financial advisors or institutions typically avoid promising “guaranteed” returns and rarely operate solely through informal channels such as WhatsApp.
Investors should remember that the stock market is inherently volatile, and no genuine advisor can guarantee specific returns, let alone extreme claims of 500%. Before making any large investments, especially with unfamiliar entities or platforms, individuals are advised to consult a certified financial professional or a trusted family member.
Cybercrime experts also warn that the public should be skeptical of offers that seem “too good to be true” and avoid sharing personal or financial details through unverified sources. With scams becoming increasingly sophisticated, vigilance and proactive caution are essential to avoiding financial loss.
Government and Law Enforcement Response
Law enforcement officials emphasize that elderly individuals are particularly susceptible to online scams, as they may lack the digital literacy needed to recognize threats. Authorities urge the public to report any suspicious online financial activities via the national cybercrime helpline at 1930 or through the government’s official cybercrime portal.
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