Vizag Man Loses Rs 1.45 Crore in WhatsApp Stock Trading Scam
In a distressing case of investment fraud, a 60-year-old man from Visakhapatnam, commonly known as Vizag, has been cheated out of over Rs 1.45 crore in a sophisticated fake stock trading scheme. The incident, which unfolded through WhatsApp, highlights the growing threat of cybercrime targeting unsuspecting investors.
How the Scam Unfolded
The victim reported that an unknown individual contacted him via WhatsApp, posing as a representative of an investment firm. This person lured him into the scheme by adding him to two WhatsApp groups named Nirmal Bang 596. In these groups, the cybercriminals aggressively promoted a fake stock trading platform, promising huge returns in a short period.
They cited examples of others who had allegedly doubled their profits within months, building false trust. Convinced by these assurances, the man was guided to transfer funds to multiple bank accounts. Over time, he made several transactions, totaling Rs 1.45 crore, believing he was investing in legitimate online trading.
Victim Realizes Fraud and Approaches Police
When the victim attempted to withdraw his funds, the fraudsters demanded an additional service charge to release the profits. At this point, he realized he had been cheated and immediately filed a complaint with the police. Based on his report, an FIR has been registered under relevant sections of the Bharatiya Nyaya Sanhita and the Information Technology Act 2000.
The charges include provisions related to cheating, impersonation, and online fraud. Police officials confirmed that the accused remains unidentified, and an investigation is actively underway to trace the cyber fraud network and recover the siphoned funds.
Rising Trend of Investment Frauds in Vizag
This case marks the third major incident of investment fraud reported in Vizag this month alone. Just a few weeks prior, two other individuals lost over Rs 1.2 crore each in similar fake trading scams. These repeated incidents underscore the urgent need for public awareness and enhanced cybersecurity measures to combat such crimes.
Authorities are urging citizens to exercise caution when approached with unsolicited investment opportunities, especially through messaging apps like WhatsApp. They advise verifying the legitimacy of firms and avoiding transfers to unknown accounts without proper due diligence.
