A 36-year-old entrepreneur from Ahmedabad has become the latest victim of a sophisticated online investment fraud, losing a staggering sum of Rs 53 lakh. The owner of a digital marketing firm approached the city's cybercrime police after realizing he had been ensnared in a fake trading and IPO scheme that operated primarily through social media and messaging platforms.
The Lure of High Returns on Social Media
The incident traces back to October, when the complainant responded to an online advertisement promising lucrative investment opportunities. After expressing interest, he was added to a messaging group. His initial engagement led to him being moved to what was described as an 'exclusive' group, where individuals posing as professional investment advisors contacted him directly.
These fraudsters persuaded him to share personal details and painted a rosy picture of potential returns, assuring profits ranging from an astonishing 100% to 300%. They also promised commissions on the profits generated, making the offer seem even more legitimate and attractive.
The Elaborate Trap: From App to Empty Promises
Following the advisors' instructions, the victim downloaded a specific mobile trading application. To build trust, the scammers engineered a classic 'confidence trick.' The man's initial investments on the app appeared to generate quick and significant gains. To prove the platform's legitimacy, a small withdrawal was processed and successfully credited to his bank account. This successful transaction erased his remaining doubts and boosted his confidence in the scheme.
Over the subsequent weeks, the victim transferred money in multiple instalments, funneling funds to various bank accounts provided through the app's customer service interface. The fraud escalated when the advisors convinced him to invest in Initial Public Offerings (IPOs). They even displayed a large notional balance in his account, which included a purported loan sanctioned to increase his investment capacity.
The Final Act and Police Intervention
The scheme collapsed in early December when the businessman attempted to withdraw a portion of his funds. The application abruptly blocked his withdrawal request, citing pending dues. When the so-called advisors asked him to pay additional charges to release his money, he finally sensed fraud and immediately approached the cybercrime helpline.
Based on his complaint, the Ahmedabad Cybercrime Police have registered a formal case of cheating and have initiated a detailed investigation into the matter. The case highlights the increasing sophistication of financial frauds that originate on social media and target individuals looking for high-yield investment avenues.
This incident serves as a stark reminder for the public to exercise extreme caution with unsolicited investment offers online, especially those guaranteeing unrealistically high returns. Authorities advise verifying the legitimacy of trading platforms and advisors through official channels before transferring any money.
