Ahmedabad's Cybercrime police are investigating two major financial fraud cases where businessmen were duped of substantial amounts through sophisticated online investment scams. The incidents highlight the growing threat of digital financial fraud targeting investors with promises of high returns.
Senior Businessman Loses Rs 17 Lakh in Cryptocurrency Trap
In a distressing case from the Shilaj area, a 63-year-old businessman was cheated of Rs 17 lakh in a cryptocurrency investment scam. The victim was allegedly approached by an individual posing as a financial advisor. This fraudster promised exceptionally lucrative returns on investments in digital currency, convincing the businessman to part with his money.
Trusting the advisor's assurances, the senior citizen transferred funds across several transactions to various bank accounts provided by the scammer. Despite repeated promises, the advisor vanished without a trace. The victim received neither his principal investment amount nor the promised profits, realizing he had fallen prey to an elaborate con.
Following a complaint, the Ahmedabad Cybercrime police officially registered a case of cheating and criminal breach of trust and have launched a detailed investigation to track down the perpetrators.
Younger Businessman Defrauded of Rs 69.43 Lakh in Fake SEBI Scheme
In a separate but similarly modus operandi case, a 34-year-old businessman suffered a staggering loss of Rs 69.43 lakh. A group of unidentified individuals orchestrated this fraud by impersonating a SEBI-registered company. They used fabricated letterheads and official-looking electronic communication to build credibility and lure their target.
The scammers promised high returns from stock market investments. They actively manipulated the victim through WhatsApp chats and phone calls, providing false trading tips and sending fabricated profit statements to show fictitious growth. This created an illusion of a successful investment, encouraging the victim to pour more money into the scheme.
All the funds were ultimately funneled into multiple bank accounts controlled by the fraudsters. The Ahmedabad Cybercrime police have registered a case of cheating and criminal breach of trust in this matter as well and are working to uncover the network behind this sophisticated scam.
Investigation and Public Advisory
The back-to-back cases in Ahmedabad underscore a critical need for investor vigilance in the digital age. Cybercrime officials are probing the money trails and the digital footprints left by the scammers in both instances. The use of fake SEBI credentials and the promise of guaranteed high returns in cryptocurrency or stock markets are classic red flags.
Authorities urge the public, especially those looking to invest online, to exercise extreme caution. Investors should:
- Verify the regulatory credentials of any financial advisor or firm independently through official SEBI or other regulatory body websites.
- Be skeptical of unsolicited investment offers, especially those received via social media, WhatsApp, or phone calls promising unrealistic returns.
- Avoid transferring money to personal or multiple bank accounts not directly linked to a verified, legitimate financial institution.
- Report any suspicious activity or offers to the cybercrime cell immediately.
The police investigation in both the Rs 17 lakh cryptocurrency scam and the Rs 69.43 lakh SEBI impersonation fraud is ongoing.
