In a shocking case of cyber fraud, a self-employed man from Mysuru was cheated of a staggering Rs 1.8 crore by criminals operating a sophisticated fake trading investment scheme. This incident follows closely on the heels of another case where a woman teacher lost Rs 11.7 lakh to a parcel scam, highlighting a worrying trend of cybercrime in the region.
The Elaborate WhatsApp Trap
The victim, a man in his 50s, was first contacted through a WhatsApp message in early December. The message lured him with promises of high returns through share market trading. The fraudsters then created a dedicated WhatsApp group, claiming to offer training and guidance to help members earn extraordinary profits.
Over a short and intense period of 19 days, from December 2 to December 20, the scammers built a facade of legitimacy. The victim was introduced to a woman who presented herself as a representative of a trading platform. She and other group members persistently persuaded him to invest money, guaranteeing quick and significant returns.
The Deceptive Investment Platform
The scheme took a more manipulative turn when the fraudsters fabricated a complex story to explain why the victim needed to transfer money to specific accounts. They falsely claimed that a foreign institution associated with the trading platform could not maintain bank accounts in India.
Based on this fabricated narrative, they convinced the victim that all investments had to be routed through accounts of various local companies. Trusting their instructions, the man proceeded to transfer massive sums of money, amounting to Rs 1.8 crore, via RTGS (Real Time Gross Settlement) to multiple bank accounts provided by the criminals.
Aftermath and Rising Cyber Threats
The victim realized he had been duped only after the promised returns never materialized and the fraudsters cut off communication. He subsequently filed a formal complaint with the Mysuru police, who are now investigating the case. This sophisticated scam underscores the evolving tactics of cybercriminals who exploit digital payment systems and social messaging apps.
Authorities warn the public to be extremely cautious of unsolicited investment offers received through WhatsApp, Telegram, or other social media. Key red flags include:
- Guarantees of unrealistically high returns in a short time.
- Pressure to invest quickly.
- Requests to transfer funds to personal or third-party accounts instead of legitimate company accounts.
- Complex stories justifying unusual payment methods.
This case serves as a stark reminder for individuals to verify the authenticity of any online investment platform independently and to consult with certified financial advisors before parting with their money.
