A 41-year-old territory manager working for a petroleum company in Vijayawada has become the latest victim of a sophisticated online investment scam, losing a staggering Rs 28.79 lakh after being lured by promises of unusually high returns in a short period.
The Elaborate WhatsApp Trap
The incident began on July 11 when unidentified fraudsters added the victim, a resident of Gundala, to two WhatsApp investment groups. The groups were deceptively named "16 IIFL Capital Circle" and "D-106 Motilal Oswal High Net Worth Base." To build credibility, the groups were filled with charts and fabricated transaction statements that purported to show other members earning substantial profits from small investments.
Convinced by the seemingly genuine representations, the territory manager began transferring money as instructed by the group administrators. Between July 11 and July 29, he made multiple online transactions, culminating in a total loss of Rs 28.79 lakh. The scammers showcased notional profits on their platform, creating an illusion of a successful investment.
The Unraveling and Police Complaint
The fraud came to light when the victim attempted to withdraw his supposed returns. Instead of receiving his money, he was told to invest an additional Rs 42 lakh to "unlock" the funds. Upon refusing to pay more, he was immediately removed from the WhatsApp groups. All subsequent attempts to contact the phone numbers used by the suspects failed, leaving him with no recourse but to approach the police.
Based on his formal complaint, the cybercrime police in Vijayawada have registered a case under relevant sections of the law and have initiated a detailed probe to track down the perpetrators.
A Growing Threat to Professionals
Police officials have reiterated a crucial warning for the public. They emphasized that legitimate investments require verified trading platforms and properly linked demat accounts. The Vijayawada case underscores a disturbing trend where even well-educated and employed professionals are falling prey to these highly sophisticated online frauds.
The scammers expertly exploit the desire for quick financial gains, using professional-looking materials and social engineering tactics to bypass the victim's caution. This incident serves as a stark reminder to thoroughly verify any online investment opportunity, regardless of how legitimate it may initially appear.
