Vijayawada Senior Citizen Defrauded in Sophisticated Online Trading Scam
A 77-year-old man from Vijayawada has become the latest victim of an elaborate cyber fraud, losing a staggering ₹78.5 lakh to criminals operating a fake online investment scheme. The incident highlights the growing sophistication of digital scams targeting vulnerable individuals with promises of unrealistic returns.
The Elaborate Scam Unfolds Over Two Months
The nightmare began on August 22 when the Mogalrajpuram resident received an unsolicited WhatsApp message from an unknown number. The message promised exceptionally high returns on small investments, tempting the victim to join what appeared to be a legitimate trading program.
Soon after, a person posing as a professional investment advisor contacted the senior citizen. Using highly persuasive techniques, the fraudster built trust through fake success stories and provided step-by-step guidance on how to participate in the scheme.
To reinforce the illusion of legitimacy, the victim was added to a WhatsApp group named "Stock Market Learners 2" where multiple participants—believed to be fake accounts operated by the fraudsters—consistently posted screenshots showing substantial profits and encouraged members to increase their investments.
How the Fraudsters Operated
Over a period of two months, the elderly victim transferred money into 12 different bank accounts, with each transaction presented as part of higher-tier trading plans that would generate even greater returns. The fraudulent trading application showed his funds growing significantly as "profits," creating a false sense of security.
The scam was ultimately exposed when the victim attempted to withdraw his money and found all withdrawal attempts failing. Despite the app displaying substantial profits, none of the funds could be accessed, revealing the entire operation as an elaborate deception.
Police Investigation and Public Warning
The victim filed an official complaint with the Vijayawada cybercrime police, who have registered a case and begun tracing the complex money trail. Investigators suspect this particular racket is part of a larger inter-state cyber fraud network that uses mass WhatsApp messaging, fake trading groups, and mule accounts to conceal their operations.
Police authorities have reiterated crucial safety guidelines for the public: legitimate brokers never initiate contact via WhatsApp or guarantee fixed returns. They particularly urged senior citizens to exercise extreme caution, avoid clicking on unknown links, and verify all investment claims exclusively through SEBI-approved platforms.
The investigation continues as authorities work to identify and apprehend the perpetrators behind this sophisticated financial fraud that has left a senior citizen devastated both financially and emotionally.
