A sophisticated cyber fraud operation has targeted multiple investors in Gwalior, duping them of substantial sums by promising exorbitant returns under the guise of SEBI-registered firms. In two high-profile cases, perpetrators misled investors into believing they could multiply their money manifold, leading to losses running into tens of lakhs of rupees.
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Elderly victim loses ₹17 lakh
In the first case, a 60-year-old resident, Rakesh Kumar Gole, was approached through a WhatsApp group named ‘861 SC Wealth Hub’, which was administered by unknown individuals claiming affiliation with a SEBI-registered entity, ‘Standard Chartered GP’. Persuaded by assurances of high returns, Gole transferred a total of ₹17.15 lakh in multiple installments: ₹12.05 lakh from his SBI account, ₹50,000 from a second SBI account, ₹50,000 from Union Bank, and ₹4.10 lakh from another SBI account.
Initially, the mobile application and WhatsApp messages displayed his investment growing to ₹2.26 crore, reinforcing the illusion of high profits. When Gole sought to withdraw his money, the fraudsters demanded an additional ₹42 lakh as a ‘service charge’, revealing the scam. Realising the deception, Gole promptly filed a complaint with the cybercrime helpline 1930, leading to registration of a formal FIR at Maharajpura police station.
Young professional defrauded of ₹24 lakh
A second case involved Manoj Kumar Pandey (35), who was linked to a WhatsApp group called ‘Visionary Elite Group’ on October 31, 2025. Fraudsters, claiming to be ‘EDEL PRO HEAD’ and SEBI-registered, persuaded Pandey to invest ₹24 lakh through multiple banking channels: UPI (₹20,000), IMPS (₹9.8 lakh), NEFT (₹1.1 lakh), and RTGS (₹12.9 lakh). The mobile app and messages displayed his portfolio swelling to nearly ₹12 crore, creating a false sense of security and encouraging further transfers.
When Pandey attempted to withdraw funds, the scammers imposed a 15 percent service fee, prompting him to realise the fraud. A complaint was lodged via the cybercrime helpline, and authorities have registered a case at Maharajpura police station.
Tactics and modus operandi
Officials said the cybercriminals primarily exploited WhatsApp and Telegram groups to establish credibility and lure investors. They misrepresented themselves as representatives of SEBI-registered entities and leveraged digital platforms to inflate account balances virtually. Demands for additional service charges or upfront fees were used to extract more money once the victims tried to withdraw funds.
Authorities have warned the public to remain vigilant against unsolicited investment proposals through messaging apps. Key red flags include promises of abnormally high returns, pressure to make quick payments, and demands for additional fees to access the supposed profits.
Cybercrime awareness and preventive measures
These incidents highlight the growing sophistication of online financial frauds. Cyber experts emphasise that investments should only be made through SEBI-registered platforms and official channels. Users are advised to verify credentials independently and refrain from joining unknown groups or transferring funds based on virtual demonstrations of profits.
The cases underline the importance of digital literacy, caution, and timely reporting. Swift complaints to cybercrime helplines have enabled authorities to investigate and curb fraudulent operations, preventing further losses and holding perpetrators accountable.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
