A shocking incident of cyber fraud has come to light in Bengaluru, where a local businessman has been duped out of a staggering ₹8.3 crore under the guise of investing in the stock market through a fraudulent mobile application.
The victim, whose identity has been withheld, was lured by sophisticated scamsters who promised extraordinary returns and low risks through an allegedly exclusive stock trading platform. The case highlights the growing threat posed by high-tech investment frauds operating across digital platforms.
How the Scam Unfolded
The elaborate scheme followed a now-familiar pattern used by sophisticated financial fraudsters:
- Initial Lure: The victim was initially contacted through social media, where he was added to a group promising "guaranteed profits" from stock trading.
- The Faux Platform: The scamsters convinced the businessman to download a dedicated, seemingly legitimate 'share market investment app' which falsely displayed the names of well-known financial institutions and regulatory bodies.
- Visual Deception: The application was designed to simulate a real trading environment, showing impressive, fake profits on the small initial investments made by the victim. This built trust and confidence.
- Massive Investment: Believing he was making a fortune, the businessman was pressured into transferring large sums of money—eventually totaling ₹8.3 crore—into various bank accounts provided by the fraudsters.
- The Withdrawal Block: When the victim attempted to withdraw the "profits" along with his principal amount, the app froze. The scamsters then demanded various fictitious fees, taxes, and service charges to process the withdrawal.
Realizing he had been cheated, the businessman immediately filed a complaint with the cybercrime division of the Bengaluru City Police.
Police Action and Warning
The Bengaluru Cyber Economic and Narcotics (CEN) Crime Police have registered a case under relevant sections of the Indian Penal Code (IPC) and the Information Technology (IT) Act. Investigators are currently tracing the money trail, which is often laundered across multiple dummy accounts and sometimes routed overseas, making recovery challenging.
A Strong Warning to the Public:
Cyber security experts and the police are issuing an urgent public advisory:
- Verify Platforms: Always verify the credentials of any financial application through official app stores and check for regulatory approvals.
- Beware of Guarantees: No legitimate financial investment guarantees high returns with low risk. Promises of "guaranteed profit" are a major red flag.
- Official Websites: Only use trading platforms linked to established, regulated brokerage firms whose legitimacy can be cross-checked on official SEBI or RBI websites.
