A retired engineer from Noida became the latest victim in a growing wave of cyber investment scams after being duped of ₹52 lakh through a fake HSBC investment group on WhatsApp. The fraudsters used a realistic-looking app, fake office invites, and refund baits to build trust—exposing a new level of sophistication in financial cybercrime.
How a Fake HSBC Group on WhatsApp Lured a Senior Citizen into a Trap
In yet another chilling case of cybercrime preying on trust and technology, a 66-year-old retired engineer from Sector 31, Noida, lost a staggering ₹52 lakh after being drawn into a fake investment scheme masquerading as a group affiliated with HSBC Securities. The fraud, which unfolded between March and April 2024, was orchestrated through WhatsApp—one of India’s most widely used communication platforms.
The victim was added to a WhatsApp group named “HSBC Securities”, which claimed to offer exclusive IPO and bulk deal investment tips linked to NSE and BSE. The group was allegedly managed by a woman identified as Aditi Arora, with daily updates and calls for new investors. Soon after, the victim was introduced to one Deepesh Jain, who posed as the Chief Analyst at HSBC and offered personalized investment guidance.
They then convinced the engineer to download a fake investment app, branded with the HSBC logo and available on the Google Play Store, making it appear authentic and secure. Initial interactions included promotional discounts, partial refunds, and even a fake invitation to the company’s Mumbai office—all calculated tactics to build credibility.
Fake App, Real Money: The Anatomy of the Scam
Once the victim downloaded the app, he was asked to initiate transactions via RTGS and IMPS. Lured by promises of high returns and limited-time offers, he gradually transferred over ₹52 lakh into the fraudsters’ accounts. The fraudsters maintained an illusion of legitimacy by providing fake dashboards showing investment growth and returns.
However, when the victim tried to withdraw funds, the app displayed messages citing “low credit score” and demanded further investment to “upgrade” the profile. The constant push for more money and refusal to release returns finally triggered suspicion.
Adding to the deceit, the scammers sent a fake office meeting invite in Mumbai, claiming a one-on-one session to discuss investment strategy. But when the victim attempted to verify the office’s existence, he realized there was no trace of the firm or personnel he had interacted with.
Legal Action and Broader Implications of Investment Fraud
The case was promptly reported to the Cyber Crime Police Station in Noida, where a formal FIR was filed under IPC Sections 318(4) and 319(2), along with Section 66D of the IT Act, which deals with cheating by impersonation using communication devices. Investigating officer Ranjiit Singh confirmed that an organized group used multiple digital platforms, false identities, and fintech facades to operate a large-scale investment fraud scheme.
The police are currently tracking the digital trail of the transactions and are working with fintech gateways and telecom service providers to identify the cybercriminals. Preliminary leads suggest the involvement of an inter-state racket, possibly linked to scam networks operating from call centres or abroad.
This case is emblematic of a rising trend in cybercrime, where scammers exploit senior citizens, retired professionals, and first-time investors by mimicking trusted financial institutions. In many cases, they also use AI-generated content, cloned websites, and deepfake videos to lend credibility.
A Wake-Up Call for India’s Investment Landscape
As more Indians explore digital investment avenues, especially via mobile apps and online groups, the lack of awareness about financial cybersecurity becomes a dangerous gap. This case highlights the urgent need for:
- Stricter app store verification, especially for financial tools
- Public awareness campaigns targeting retirees and professionals
- Rapid response cyber cells empowered with financial forensics