Bengaluru Techie and Homemaker Duped of ₹3.7 Crore in Trading Scams:
A software engineer and a homemaker lost Rs 3.7 crore to cybercrooks in separate incidents in the city. The fraudsters coerced the duo into making investments by promising huge returns before tricking them.
Sharath, 49, a resident of East of NGEF, Kasturi Nagar, lost Rs 2.6 crore between June 21 and Aug 6. The engineer told police that on June 20, he was on Facebook when he came across a reference promoting a scheme, titled ‘How to make money in 3 months by trading.’
When he clicked on the reference, he landed on a website named ‘USB AG’. The platform claimed to offer investment opportunities in initial public offerings (IPOs) and over-the-counter (OTC) trading. He joined a WhatsApp group whose link was provided on the website and found that the plan had already commenced with several participants actively involved.
Sharath initially invested Rs 50,000, which yielded him a 15% return. He again invested Rs 5 lakh on June 24, and his account in the portal showed that he made 21% profits.
Encouraged, he invested all his savings and money raised from personal and gold loans. Sharath, however, was not allowed to withdraw any funds and was told that his money had been moved to an IPO subscription. His account in the portal showed a balance of Rs 23.8 crore.
Sharath was asked to pay Rs 43.7 lakh as a service fee and Rs 38.8 lakh as a fund usage fee, after which he could withdraw 25% of his balance. He paid the money but was again asked to give an additional 25% service fee before being allowed any withdrawal. But he refrained and reported the fraud. By then, he had paid nearly Rs 2.7 crore to the fraudsters.
In the other incident, Bindya, 41, a homemaker from CV Raman Nagar lost over Rs 1 crore between June 23 and Aug 6. Fraudsters contacted her and promised huge returns on investment in stock markets. Bindya was added to a WhatsApp group named ‘Professor Bradley’s’. Then they asked her to download an app named ‘Golden Sacah Asset Management’ from PlayStore.
Bindya initially transferred Rs 50,000 to an account which she assumed was an investment. After noticing the returns and balance in the portal, she started investing more money. She realised it was a fraud when she couldn’t withdraw her money. The fraudsters kept telling her to pay money citing various charges such as income tax and processing fees. She told police that she had saved her hard-earned money for her child’s education and requested them to recover it.
A senior police officer said both the cases have been registered under Information Technology Act and the Bharatiya Nyaya Sanhitha (BNS).
“We are coordinating with bank officials to freeze the money in the bank accounts of the fraudsters,” the officer said.
Rising Threat of Online Trading Scams:
This case sheds light on the increasing number of online trading frauds in India. Scammers often create elaborate schemes, including fake trading platforms and bogus advisors, to build trust and exploit victims’ financial aspirations. Staying Safe from Trading Scams: To protect against such frauds, it is crucial to verify the legitimacy of trading platforms, be skeptical of high-return promises, use secure payment methods, seek professional financial advice, and be wary of pressure tactics.
Conclusion:
The loss of ₹3.7 crore by a Bengaluru techie and his wife serves as a stark reminder of the dangers posed by online trading scams. As these scams become more sophisticated, remaining vigilant and cautious is essential to safeguard your investments.
