Bengaluru man loses ₹6.54 crore in fraudulent online share trading scheme- Details

tech.hindustantimes.com:

A 56-year-old company director from Bengaluru has reported a significant financial loss of ₹6.54 crore due to a fraudulent share trading scheme. This incident underscores the risks associated with unrealistic investment promises in the stock market.

The scam unfolded when the victim encountered the fraudsters through an online platform. They promised him extraordinary returns of 1500 percent on his investments, an enticing offer that he found hard to resist. Believing in the legitimacy of this opportunity, he downloaded a deceptive trading application recommended by the scammers, The Indian Express reported.

Also read: NPCI unveils exclusive free Airport lounge access for these RuPay cardholders: Check if you're eligible

Over the course of two months, from early August to mid-October, he transferred money into several accounts that the scammers controlled. The transfers amounted to a staggering ₹6.54 crore, which he believed would yield significant returns. However, the scam became evident when he attempted to withdraw his profits. At that point, the fraudsters demanded an additional payment of ₹2.5 crore in fees, raising suspicions about the authenticity of the operation.

Also read: Meta Build with AI Summit: AI godfather Yann LeCun says future AI will be built collaboratively, nothing to fear

Realising he had been deceived, the victim promptly filed a complaint with the Bengaluru police. Law enforcement officials have confirmed the initiation of an investigation into the matter. The police's first action involves freezing the bank accounts linked to the scam to trace the perpetrators. A police officer noted the tactics employed by scammers, stating that they often use rising stocks to establish credibility and groom victims by sharing success stories to create a false sense of security.

Also read: Exclusive: Meta discusses its WhatsApp AI advantage and the potential for native Llama AI on Android