Daijiworld Media Network – Mangaluru
Mangaluru, Sept 8: In two shocking cases that highlight the growing menace of cyber-enabled financial fraud, two individuals from Mangaluru have lost a combined Rs 1.38 crore in separate online investment scams.
While one man was lured into a fake stock trading WhatsApp group and swindled of Rs 1.14 crore, a retired Gulf returnee lost Rs 23.96 lac after falling for a fraudulent trading advertisement.
In the first case, a Mangaluru-based individual has reportedly lost a staggering Rs 1.14 crore in an online investment scam involving fake stock market trading groups and manipulated promises of high returns. The case has been officially registered at the Cyber Crime police station, Mangaluru.
According to the complaint, the victim had his savings parked in a bank account when, on July 17, he was added by an unknown person to a WhatsApp group named after a stock exchange. The group admin, identified as Virender Singh, began sending messages that promised high profits through investments in the stock market.
Enticed by the claims, the victim was contacted on August 11 by a woman named Kristine, who posed as a trading expert. She engaged in conversation via WhatsApp, offering market insights and guidance. Over the course of August 13 to September 2, the victim transferred a total of Rs 1,14,50,000 via RTGS and NEFT, in multiple instalments to various bank accounts as instructed.
The fraud deepened when the victim was later told he would need to pay an additional 20% in taxes, failing which he would not be able to withdraw his investment. By the time he realised he had been duped, over a crore had vanished from his account.
Retired Gulf returnee loses Rs 23.96 lac in trading ad scam
In a separate but similarly orchestrated case, a retired man, formerly employed in Dubai, fell prey to a fake online trading advertisement and lost Rs 23.96 lac. A case has been registered at the Mangaluru Rural police station.
The complainant, now residing at home post-retirement, came across an advertisement on February 27, 2024 promoting a trading platform. Trusting the source, he registered and made an initial payment of Rs 82,862. In the days and weeks that followed, he was convinced to transfer additional amounts, totalling Rs 23,96,980, to multiple bank accounts.
Authorities urge vigilance amid rising cyber scams
Police officials have once again urged the public to remain vigilant against fraudulent investment offers. “People must not fall for schemes that promise unusually high returns,” an officer said, adding that victims are often pressured into making multiple payments through psychological manipulation and fear tactics.
The authorities recommend verifying investment platforms through SEBI (Securities and Exchange Board of India) and refraining from transferring funds to unknown bank accounts.
Victims of such scams are advised to immediately contact the Cyber Crime Helpline at 1930 or report to the nearest police station.
How to stay safe
Vigilance is the key to avoiding such scams. If you receive such calls, never fall for the trap. Remember, police officials never initiate cases online or ask for money.
Most importantly, the term “digital arrest” is fabricated by scammers and does not exist in Indian law. If someone threatens you with it, it is undoubtedly a scam.
Additionally, never share bank details, OTPs, or other sensitive information over phone calls or messages, regardless of the caller’s claims. If you suspect a scam, report it to the authorities and your bank immediately. Quick action can help prevent further losses.