Retired engineer loses over Rs. 9 mn in WhatsApp investment scam

Colombo, June 25 (Daily Mirror) - A retired professional engineer in her late 60s has lost more than Rs. 9 million after falling victim to an online investment scam promoted through WhatsApp, the Sri Lanka Computer Emergency Readiness Team (SLCERT) said.

The woman, who had more than 40 years of experience in both the public and private sectors, was financially secure and lived in a private retirement facility. She also maintained bank deposits exceeding Rs. 10 million and owned a house in a well-known housing complex.

Despite being highly educated and familiar with modern technology, including online banking and ride-hailing applications, she was deceived by fraudsters posing as investment advisers.

According to SLCERT, the scam began with a WhatsApp message promising extraordinary returns, including claims that investments would double every three months. Enticed by the prospect of high profits, the retired engineer began investing money with the operators.

For several months, she received what appeared to be investment returns, leading her to believe the scheme was genuine. However, the payments were allegedly made using her own invested funds, a common tactic employed in fraudulent investment schemes.

When the payments began to decline and eventually stopped, the scammers continued to provide explanations and assurances, convincing her to invest further. Over time, the total amount she invested approached Rs. 10 million.

By the time she sought assistance from SLCERT, the fraudsters were reportedly attempting to persuade her to sell her house and invest the proceeds as well.

SLCERT intervened immediately and helped her disengage from the scam. As she had maintained detailed records of her financial transactions, the agency referred the matter to the Criminal Investigation Department (CID) together with all available evidence.

The CID has launched an investigation into the incident as a financial crime.

SLCERT has urged retirees to exercise caution and avoid investment schemes that promise unrealistically high returns. The agency also called on younger family members to monitor the investment activities of elderly relatives, warning that senior citizens are increasingly being targeted by sophisticated online investment scams.