In a shocking case of digital deception, a 63-year-old retired banker from Mumbai was defrauded of a staggering Rs 1.3 crore in a sophisticated online investment scam. The elaborate fraud, which involved fake initial public offerings (IPOs), call options, and mutual fund schemes, was promoted through social media platforms, ultimately leading the victim to download a malicious application.
The Modus Operandi: From YouTube Ad to WhatsApp Trap
The unfortunate sequence of events began on November 10, when the complainant, a former bank employee, encountered a YouTube advertisement related to share trading and IPO investments. Lured by promises of high returns, she was redirected to a WhatsApp group where administrators presented themselves as financial experts.
These fraudsters instructed the victim to download a specific investment application, assuring her of regular weekly payouts. Trusting the setup, she began transferring large sums of money, ultimately investing a total of Rs 1.3 crore into what she believed were legitimate financial instruments.
The Illusion of Massive Profits and the Cruel Twist
The scam took a manipulative turn on December 11, when the application's interface displayed an inflated balance of Rs 3.5 crore in her account. This figure later ballooned to over Rs 10 crore, with the fraudsters attributing the sudden increase to a "loan" credited to her.
However, the cruel reality surfaced when the retiree attempted to withdraw her supposed profits. The con artists demanded that she first repay a fabricated loan amount of Rs 1.5 crore. It was at this moment she realized the entire scheme was a well-orchestrated fraud, designed to extract more money under false pretenses.
Legal Action and Cyber Safety Imperative
Upon realizing the deception, the victim promptly contacted the Cyber Crime Helpline 1930 and lodged a formal complaint. The Mumbai Cyber Police have registered an offence against unknown fraudsters and are investigating the matter.
This incident highlights several alarming trends in cybercrime:
- Scammers are increasingly using legitimate platforms like YouTube and WhatsApp to find and groom victims.
- Fake investment apps with sophisticated, convincing interfaces are being used to create an illusion of legitimacy.
- Senior citizens, often with retirement savings, are being specifically targeted.
Authorities urge the public to exercise extreme caution with unsolicited investment offers online, especially those promising guaranteed high returns. They advise verifying the authenticity of any financial platform through official regulatory bodies like SEBI before transferring funds.
