In a major financial fraud, cybercriminals have duped more than fifteen residents of Visakhapatnam, collectively siphoning off a staggering sum of over ₹2 crore through an elaborate fake online stock market investment scam. The fraudsters lured victims with promises of hefty profits, only to vanish after receiving the money.
How the Elaborate Scam Unfolded
The modus operandi involved creating a facade of legitimacy. In one prominent case, a 60-year-old Vizag resident lost approximately ₹1 crore. The scammers, posing as representatives of the reputable IIFL Capital Services, first contacted him on Facebook. They convinced him that their platform was an authorized service for trading.
Following their instructions, the victim opened a DMAT trading account and proceeded to make multiple transactions from his bank accounts, investing the massive sum. When he later attempted to withdraw his money along with the promised profits, the fraudsters demanded an additional ₹38 lakh. Upon his refusal to pay, they cut off all communication, prompting the victim to file a complaint with the Vizag Cybercrime Police.
WhatsApp Groups Used to Trap Victims
In a separate but similar incident, a group of victims was cheated of over ₹80 lakh. The trap was set on WhatsApp, where victims received invitations to join a group. Inside the group, individuals claiming to be stock market experts trained them on how to invest in the online stock market, promising returns of 20 to 30 per cent.
Encouraged by initial, smaller investments that seemed to validate the scheme's credibility, the group collectively invested around ₹81 lakh in installments. Their attempt to withdraw funds was met with a new demand: to deposit an extra 15 per cent as tax. When they refused, the fraudsters blocked them from the group.
Retired Engineer Among the Duped
The scam has ensnared a wide demographic, including a retired government engineer who lost over ₹12.5 lakh after investing in the same fraudulent scheme. Authorities note that such cyber investment scams are becoming an alarming trend not just in Vizag city but across several parts of Andhra Pradesh.
Victims are no longer just the digitally naive; they include tech-savvy youngsters as well. Fraudsters are deploying sophisticated tactics and too-good-to-be-true offers to deceive people into pouring money into fake or deceptive opportunities.
Police Issue Stern Warning to Public
A senior police officer from the cybercrimes wing stated that the department consistently advises people to exercise extreme caution. "We urge people not to believe unsolicited posts or advertisements on social media platforms promoting various online trading schemes," the officer emphasized.
He offered clear guidance for potential investors: "If anyone wants to make an investment, they must visit the physical trading office of the firm and invest only after getting proper, verified guidance." The police are investigating the complaints and pursuing necessary action against the fraudsters.
