Coaching class owner loses Rs 1.88 crore to stock trading WhatsApp group scam

A 48-year-old coaching class owner in Thane district was duped of more than Rs 1.88 crore in a share trading scam that started with the membership of a WhatsApp group, police said on Wednesday.

As per the complainant, an unidentified person added him to the WhatsApp group `STOCK Vanguard (F)’ in March, said an official.

The group had 170 members and advice about share trading used to be posted there, he told police.

The complainant found the advice trustworthy and invested money in the recommended shares, following which he was added to another group, `STOCK-Vanguard-VIP’, the official said.