Senior Central Government Official Defrauded of ₹1.26 Crore in Elaborate Online Investment Scam
A senior Central government official based in Vijayawada has become the victim of a highly sophisticated online investment fraud, resulting in a staggering loss of ₹1.26 crore. The scam, which unfolded over several weeks, involved promises of exclusive stock market tips and assured IPO allotments that ultimately proved to be entirely fraudulent.
How the Elaborate Scam Unfolded
According to detailed reports from the Vijayawada cyber crime police, the officer, who regularly engaged in stock trading activities, encountered an online advertisement last month. This advertisement prominently featured offers for "exclusive" stock market insights and guaranteed allocations in upcoming initial public offerings (IPOs). Intrigued by these promises, the official clicked on the provided link and submitted his personal contact information.
Shortly afterward, he was added to a private WhatsApp group where members, allegedly fraudsters posing as successful investors, frequently posted screenshots showcasing what appeared to be extraordinarily high returns on their investments. These fabricated posts were designed to create an illusion of legitimacy and profitability, effectively luring the victim deeper into the scheme.
The Deceptive Trading Platform and Escalating Investments
Enticed by the consistent display of purported success stories, the government officer agreed to proceed with an investment. The fraudsters provided him with login credentials for a trading application that mimicked the appearance and functionality of a legitimate financial platform. To initiate his participation, the officer transferred an initial amount of ₹1 lakh into the system.
The application's dashboard promptly reflected impressive profits on this initial investment, further bolstering his confidence. Encouraged by these seemingly positive results, he proceeded to transfer a substantial sum of ₹80 lakh in multiple instalments. These funds were directed to various bank accounts as specified by the individuals operating the scam.
As the transactions accumulated, the trading app displayed his total investment growing to an astonishing figure of nearly ₹5 crore, creating a powerful incentive to continue cooperating with the fraudsters' demands.
The Withdrawal Trap and Additional Financial Demands
The critical turning point occurred when the officer attempted to withdraw the accumulated amount shown on the dashboard. At this stage, he was informed that additional charges were required to facilitate the release of his funds. These charges were falsely attributed to "company tax" obligations, Tax Deducted at Source (TDS) payments, and clearances from the Enforcement Directorate (ED).
Believing that the massive returns were genuine and within reach, the victim complied with these demands. He transferred an additional ₹46 lakh to cover the purported fees, bringing his total financial loss to a devastating ₹1.26 crore. Investigators have confirmed that this substantial sum was routed through 38 different bank accounts over the course of several weeks, a tactic commonly used by fraudsters to obscure the money trail.
Desperate Measures and Eventual Realization
In a desperate bid to raise the funds demanded by the scammers and unlock the promised ₹5 crore payout, the officer reportedly resorted to pledging personal gold ornaments and borrowing money from acquaintances. This highlights the profound level of deception and the victim's belief in the scheme's authenticity.
The realization of the fraud only dawned when repeated demands for further payments continued unabated, and all attempts to withdraw any funds remained permanently blocked. Upon understanding the true nature of the operation, the devastated official immediately approached the Vijayawada cyber crime police to file a formal complaint.
Police Investigation and Public Advisory
Cybercrime officials have registered a detailed case and launched a comprehensive investigation. The primary objectives are to trace the individuals behind this sophisticated fraud network and to initiate the freezing of all beneficiary bank accounts involved in the transactions.
In light of this incident, the police have once again issued a stern public advisory, urging citizens to exercise extreme caution with online investment opportunities. The public is strongly advised to:
- Thoroughly verify the legitimacy of any investment platform before transferring funds.
- Avoid making financial decisions based solely on trading tips received through social media channels or messaging applications.
- Consult with registered financial advisors and utilize only authorized trading platforms for stock market activities.
- Report any suspicious investment offers or fraudulent demands to the cyber crime authorities immediately.
This case serves as a stark reminder of the increasing sophistication of online financial scams and the critical importance of vigilance in the digital age.
