In a recent online trading scam, a 60-year-old man from Menamkulam, Kerala lost Rs 71.75 lakh. The victim was initially contacted by the fraudsters through WhatsApp. They promised him expert trading tips that guaranteed him huge profits. Eager to invest and learn, he downloaded an app recommended by fraudsters. However, once he started investing, fraudsters took advantage of his trust and despite making several large transactions, he could not get any of his money back.
According to a report in Times of India, the victim, an experienced businessman, was contacted by fraudsters on WhatsApp in December last year. They shared detailed trading tips and promised better opportunities to make profits. Intrigued by their advice, the victim decided to pursue the offer, but did not realize that he was being duped.
The fraudsters asked the victim to invest a small amount initially and received timely returns. These early profits convinced him that the opportunity was legitimate. So, he decided to invest more. As his interest grew, the scammers encouraged him to download a mobile app to track his investments and watch his profits grow. The app's intuitive interface and continued demonstration of increasing income motivated the victim to invest even more.
The report said the victim made 12 transactions investing varying amounts of money till January 10 this year. However, when she tried to withdraw her funds and profits shown on the app, the fraudsters claimed that it was having “technical issues” and pressured her to invest more to unlock her earnings.
The victim continued to follow the scammers' instructions, but when his repeated attempts to withdraw money failed, his suspicions grew. Eventually, she realized that she had been cheated and lodged a complaint with the city cyber police. The investigation revealed that the funds were transferred to seven different bank accounts. A case was registered against eight unidentified persons, including the person who first contacted the victim on WhatsApp.
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