An elderly couple from Bengaluru has fallen victim to a sophisticated cyber fraud, losing a staggering Rs 1.58 crore in a fake stock trading scam. The unidentified cybercriminals contacted the victim through WhatsApp and added him to groups where members, most likely their proxies, shared success stories and screenshots of earnings to build trust.
How the Scam Unfolded
The scammers initially reached out to the elderly man via a WhatsApp message, pretending to offer lucrative stock trading opportunities. They added him to multiple groups where fake profiles posted testimonials and profit screenshots, creating an illusion of legitimacy. Over time, the victim was persuaded to invest increasing amounts, eventually transferring Rs 1.58 crore across several transactions.
Modus Operandi of Cybercriminals
Investigations reveal that the fraudsters used a classic pump-and-dump scheme, convincing the couple to buy overvalued stocks through their controlled platforms. Once the investments peaked, the scammers disappeared, leaving the couple with worthless shares. The Bengaluru Cyber Crime Police have registered a case and are tracing the digital footprints, including bank accounts and IP addresses.
Preventive Measures for Citizens
Authorities urge the public to exercise caution when approached by unknown individuals on messaging platforms offering financial advice. Key precautions include:
- Verifying the credentials of any investment advisor through official regulatory bodies like SEBI.
- Avoiding joining WhatsApp or Telegram groups that promise guaranteed returns.
- Never sharing personal or financial details with unverified sources.
- Reporting suspicious activities immediately to the Cyber Crime Helpline at 1930.
Rising Cyber Fraud Cases in Bengaluru
This incident highlights the growing trend of cyber frauds targeting senior citizens in Bengaluru. According to police data, such scams have increased by over 40% in the past year, with victims losing crores. The authorities are conducting awareness campaigns to educate the elderly about digital safety.
The case is under investigation, and officials are optimistic about apprehending the culprits due to the digital trail left behind. Meanwhile, the couple is grappling with the financial and emotional trauma, hoping for justice and recovery of their life savings.
