A 47-year-old banker from Berhampur has reportedly fallen victim to a sophisticated online scam, losing approximately Rs 51 lakh in a fraudulent stock investment scheme. The incident highlights the growing risks of digital financial fraud in India.
How the Scam Unfolded
According to police reports, the victim received a WhatsApp message several months ago, informing him that he had been added to a group that provided market investment guidance. The group appeared legitimate, offering what seemed like expert advice on stock trading.
Initial Gains Turn to Major Losses
Following the instructions from the group, the banker began investing money in a phased manner starting from November 20 last year. Initially, the scheme seemed promising as he received some returns on his investments and was able to withdraw funds successfully. This early success likely encouraged him to invest more heavily.
Between November 20 and January 12 this year, the victim gradually invested around Rs 51 lakh, hoping to capitalize on what appeared to be a lucrative opportunity. However, the situation took a drastic turn when the scammers suddenly stopped responding to his messages and no further returns were forthcoming.
Police Investigation Underway
The victim filed a formal complaint at the cyber and economic offences police station in Berhampur on Friday after realizing he had been duped. Police confirmed the registration of a case on Saturday following a preliminary inquiry.
Shankar Panda, inspector in-charge of the cyber and economic offence police station, stated, "We have registered a case after a preliminary inquiry and launched an investigation into this matter." The police are now working to trace the perpetrators and understand the full scope of the fraudulent operation.
Warning Signs and Prevention Tips
This case serves as a stark reminder of the dangers associated with unsolicited investment offers through messaging platforms. Financial experts and cybersecurity professionals recommend:
- Verifying the legitimacy of investment groups before committing funds
- Avoiding investments based solely on social media or messaging app recommendations
- Consulting registered financial advisors for investment guidance
- Being cautious of schemes promising unusually high returns with minimal risk
The incident underscores the need for increased public awareness about online financial scams, particularly as digital transactions become more prevalent in India's banking sector.
