Berhampur Resident Loses Nearly Rs 13 Lakh in Elaborate Online Trading Fraud
A 49-year-old man from Tulasi Nagar in Berhampur has become the latest victim of a sophisticated cyber crime. He lost approximately Rs 12.77 lakh to online fraudsters in a share trading scam that unfolded over just six days from January 8 to January 13.
How the Scam Operated
The victim, who works for a private company in Berhampur, first encountered the fraudulent scheme while browsing investment-related content on social media platforms. He clicked on a link that promised exclusive trading opportunities and high returns on stock market investments.
After initial verification procedures and conversations with supposed officials through WhatsApp chats, the man began trusting the individuals behind the scheme. The cyber criminals posed as representatives of a legitimate investment company and provided him with detailed instructions.
Police sources revealed that the scammers added the victim to an investors' group on a mobile messaging application during the first week of January. There, he received training on trading procedures and was instructed to make investments through various bank accounts under the guise of purchasing shares.
The Financial Drain
The man transferred money in phases, sending a total of Rs 12.77 lakh to different bank accounts provided by the fraudsters. The trading application showed him earning substantial profits, creating a false sense of security and success.
Problems emerged when he attempted to withdraw his funds. The scammers presented various excuses and actually demanded additional money transfers. This pattern continued until the victim realized he had been thoroughly deceived.
Shankar Panda, inspector-in-charge of the cyber police station in Berhampur, confirmed that the victim filed a formal complaint at the cyber crime and economic offences police station. The case is now under investigation.
Police Warning to Investors
Authorities note that online investment scams are increasing across the region. Many investors fall prey to these schemes because they seek high returns with minimal effort and time.
Saravana Vivek M, Superintendent of Police for Berhampur, issued a stern warning to the public. "Always verify the authenticity of trading platforms before investing any money," he emphasized. "Refrain from making financial transactions based on unsolicited advice from unknown sources, especially those contacting you through social media or messaging apps."
The police advise potential investors to conduct thorough research, check regulatory approvals of investment platforms, and consult with financial professionals before committing funds to any investment opportunity that seems unusually lucrative.
