A Bengaluru-based company director has become the victim of an online scam, losing a huge amount Rs 6.54 crore in a fraudulent share trading scheme. The incident highlights the dangers of falling prey to promises of unrealistic returns in the stock market.
How the scam happened
According to a report by The Indian Express, the victim, a 56-year-old man fell for the scam after being contacted by fraudsters through an online platform.The scammers lured him in with the promise of 1500% returns on his investments.
Deceived by this enticing offer, the man reportedly downloaded a fake trading app provided by the scammers and began transferring money. Over a period of two months, from early August to mid-October, he unknowingly transferred a total of Rs 6.54 crore into various bank accounts controlled by the fraudsters.
The scam unraveled when the victim attempted to withdraw his supposed profits. At this point, the scammers demanded an additional Rs 2.5 crore in fees, a red flag that finally alerted the victim to the fraudulent nature of the scheme.
Realising he had been duped, the man filed a complaint with the Bengaluru police. Senior police officers have confirmed the case and stated that an investigation has been initiated. Freezing the primary bank accounts involved is the first step being taken to track the culprits. “Scamsters often use rising stocks to build credibility. They also groom the victims before they siphon big money. They plant success stories in the group to psychologically convince victims the scheme is genuine,” police officer told the Indian Express.
Here are some safety tips to remember:
* Be wary of unsolicited investment advice, especially online.
* Never share your financial information or banking details with strangers.
* Do not download apps from unknown sources.
* Verify the legitimacy of any investment platform before investing.
* If an offer seems too good to be true, it probably is.
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