Mohali man duped of ₹1.30 Crore after WhatsApp group promises 800% profit

March 5, 2026

In Mohali, Punjab, a fraud of ₹1.30 crore was committed through a WhatsApp group promising investments in the stock market and 800% returns. The accused had opened accounts in the names of companies in approximately eight states.

Following a complaint from Mohali resident Jarnail Singh, a case has been registered at the Punjab Cyber ​​Crime Police Station against unknown individuals under sections 318(4) (cheating), 61(2) (criminal conspiracy), and the IT Act. The accused remains at large.

Promise of 800% Returns
Jarnail Singh reported that he was defrauded through a WhatsApp group promising investments in the stock market. On May 22nd, he joined an SBI Securities WhatsApp group. He was promised 800% returns after encouraging investments in the stock market.

Made to Download an App
The accused then made him download an app. They also asked for his Aadhaar card for KYC, which he provided. The accused then created an ID for himself and gave him the password.

  Money always appears to increase on the app 

The victim stated that the fraud occurred between May 22, 2025, and August 18, 2025. The first investment of ₹50,000 was made through the app on May 28, 2025. He then noticed that his money appeared to have increased. Seeing this, he deposited another ₹50,000. Even after this, his funds appeared to have increased, which increased his confidence.

He invested ₹60,000 on June 4th, ₹2,75,700 on June 20th, ₹13,53,000 on July 1st, ₹9,50,000 on July 7th, ₹13,80,000 on July 8th, and another ₹5,80,000 on the same day. This continued.

On August 17th, he deposited ₹1,740,000, totaling ₹1,30,74,645. All transactions were made through the bank. He has also provided account details to the police.

Whenever he talked about withdrawing money, the accused would say that he would have to pay taxes on it, or else his account would be frozen and the funds blocked. Due to this fear, he continued depositing money into the accused’s accounts. During this time, he lost all his money.

 16 bank accounts in seven states

The victim stated that he deposited money into 16 bank accounts in seven states. The accounts were located in Uttar Pradesh, Kerala, West Bengal, Bengaluru, Uttarakhand, Gujarat, and Ajmer. All the accounts were in the names of companies, including SN Enterprises, SPV Production, and Sankalp Enterprises. At first glance, these appear to be genuine companies. Police are now investigating the matter.