A 63-year-old woman residing in Vadavalli, Coimbatore, fell victim to an online trading scam and lost Rs1.66 crore. The city cybercrime police reported that the woman, who is the wife of a builder, encountered an Instagram reel promoting online trading a few months ago.
How the Scam Unfolded
According to a police officer, the woman clicked a link attached to the video, which led to her mobile phone number being added to a WhatsApp group by an unidentified person. The group regularly shared stock market tips, charts, and information on buying and selling shares of prominent companies, as quoted by the victim.
One of the group members contacted her personally and promised substantial returns if she invested through their platform. Trusting the individual, the woman transferred Rs1.66 crore in several transactions to different bank accounts provided by her contact.
Discovery of the Fraud
The fraud came to light when she attempted to withdraw the invested amount and the promised profits from the trading portal. Her transaction was blocked, and when she tried to contact the WhatsApp group coordinators, their mobile phones were switched off.
The woman subsequently lodged a complaint with the city cybercrime police, who registered a case. Since the fraud amount exceeds Rs1 crore, the case has been transferred to the cybercrime headquarters in Chennai for further investigation.
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