Hyderabad: When Suresh* signed up for that ‘wealth management‘ community on WhatsApp a few months ago, he was certain he’d come out a rich man – his fortunes three to five times fatter. Instead, Suresh is drowning in a pile of loans today and is forced to stay indoors to avoid creditors.
He lost Rs 2.5 crore to investment fraud; most of the money borrowed from multiple sources.
“The advertisements about stock investment had flooded my social media pages. I ignored them initially, but then, the prospect of my money growing manifold within a short period of time was hard to resist. Also, because they used names of popular and trusted trading companies,” says Suresh, trying hard to mask the pain of the loss.
Minutes after he decided to click on the advertisement, he was sucked into the trap of quick profits. “I received a WhatsApp call where a man, posing as the representative of an investment company, assured to attach me to an advisor who’d guide him on the right stocks. Soon, I was part of a large community on the app. There were vivid discussions about investments and assurances of fast and hefty returns. I started small; with a few thousand. But in no time, I saw a 20% to 30% jump in my investment. It was very exciting,” recalls the young professional.
What happened over the next few days was like a high-speed ride on the giant wheel. Almost intoxicated by the virtual profits, Suresh started to source money from all possible avenues to keep his trading game going. The more his profits grew times – albeit only on his screen – the more he picked up loans at high interest rates to fuel his fascination.
“Up until then I wasn’t scared because I knew I would make enough to not only clear all loans but also sail through all my other financial commitments. I was, almost, in a state of trance,” Suresh sheepishly admits.
Reality hit when he decided to withdraw a part of his virtual earnings. “Initially the representatives tried to extract more money from me in the name of taxes and then just cut me out. There was radio silence,” says Suresh, sharing the moment when he eventually realised he had been scammed. He is still in a state of shock.
“My life’s taken an ugly turn…I lost all I have ever earned and more. Though the cyber police have helped me retrieve a part of my losses it is rather insignificant,” he adds.
It will take years before Suresh can rebuild his wealth and life.
(*All names changed to protect identities)