How Clicking On A WhatsApp Link Cost A Bengaluru Businessman Rs 8 Crore In Stock Market Scam | Business News

Last Updated:December 16, 2025, 15:02 IST

According to the Cyber Crime Police Station in the South Division, Naidu received a phone call on September 15 from unknown persons claiming to represent an investment firm

Police officials said they have managed to freeze around Rs 60–64 lakh in bank accounts linked to the fraudsters. (Image: Getty)

A Bengaluru-based businessman has been cheated of over Rs 8 crore by cyber fraudsters who lured him into investing through a fake stock market mobile application, police officials said.

The victim, Rajendra Naidu (71), a resident of Banashankari, was duped after being promised high returns based on his good CIBIL score. The fraud came to light when he attempted to withdraw the money shown as profits on the app and was asked to pay additional charges.

According to the complaint filed with the Cyber Crime Police Station in the South Division, Naidu received a phone call on September 15 from unknown persons claiming to represent an investment firm. The callers told him that his credit history was strong and that he could earn substantial profits by investing in the stock market.

After Naidu expressed interest, the fraudsters sent him a WhatsApp link and asked him to install a mobile application named RARCLLPRO. Trusting the process, he initially transferred Rs 25 lakh through RTGS to bank accounts provided by the callers.

What Was The Stock Market Fraud?

Encouraged by what appeared to be successful returns on the app, Naidu went on to invest money in phases, eventually transferring around Rs 8.3 crore. The app falsely displayed that his investment had grown to Rs 59.4 crore, showing large dividends credited to his account.

Believing the profits were real, Naidu attempted to withdraw Rs 15 crore.

Withdrawal Attempt Exposes the Scam

When the withdrawal failed, Naidu contacted the fraudsters for clarification. He was then asked to pay an additional Rs 2.70 crore as an 18 per cent “service charge” to process the withdrawal. This demand raised suspicion, and Naidu realised he had been cheated.

He immediately contacted the National Cyber Crime Helpline (1930) and later filed a formal complaint at the Cyber Crime Police Station on November 29.

Police officials said they have managed to freeze around Rs 60–64 lakh in bank accounts linked to the fraudsters. An investigation is currently underway to identify and trace the accused and uncover the wider network involved in the scam.

Naidu, who runs charitable services, reportedly intended to use the profits from the investment for charity. He is also known to be a devotee of Lord Ram and had earlier donated silver puja materials to the Ram temple in Ayodhya.

Police have urged citizens to remain cautious of unsolicited investment offers, especially those promising unusually high returns, and to verify the authenticity of apps and platforms before transferring money.

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According to the complaint filed with the Cyber Crime Police Station in the South Division, Naidu received a phone call on September 15 from unknown persons claiming to represent an investment firm. The callers told him that his credit history was strong and that he could earn substantial profits by investing in the stock market.

After Naidu expressed interest, the fraudsters sent him a WhatsApp link and asked him to install a mobile application named RARCLLPRO. Trusting the process, he initially transferred Rs 25 lakh through RTGS to bank accounts provided by the callers.

What Was The Stock Market Fraud?

Encouraged by what appeared to be successful returns on the app, Naidu went on to invest money in phases, eventually transferring around Rs 8.3 crore. The app falsely displayed that his investment had grown to Rs 59.4 crore, showing large dividends credited to his account.

Believing the profits were real, Naidu attempted to withdraw Rs 15 crore.

Withdrawal Attempt Exposes the Scam

When the withdrawal failed, Naidu contacted the fraudsters for clarification. He was then asked to pay an additional Rs 2.70 crore as an 18 per cent “service charge” to process the withdrawal. This demand raised suspicion, and Naidu realised he had been cheated.

He immediately contacted the National Cyber Crime Helpline (1930) and later filed a formal complaint at the Cyber Crime Police Station on November 29.

Police officials said they have managed to freeze around Rs 60–64 lakh in bank accounts linked to the fraudsters. An investigation is currently underway to identify and trace the accused and uncover the wider network involved in the scam.

Naidu, who runs charitable services, reportedly intended to use the profits from the investment for charity. He is also known to be a devotee of Lord Ram and had earlier donated silver puja materials to the Ram temple in Ayodhya.

Police have urged citizens to remain cautious of unsolicited investment offers, especially those promising unusually high returns, and to verify the authenticity of apps and platforms before transferring money.

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