In a stark warning for online investors, the Cybercrime Police Station in Visakhapatnam has registered a series of complaints where eight city residents were collectively duped of more than ₹3.5 crore in sophisticated stock market investment scams over just two days.
High-Value Losses in Elaborate Social Media Traps
The most significant individual loss was reported by a 55-year-old private company employee, who was cheated of approximately ₹1.45 crore. According to his complaint, the ordeal began when he connected with a woman on a social media platform. After weeks of friendly conversation, they exchanged phone numbers. As the relationship deepened, she convinced him to invest in a lucrative online trading opportunity.
She sent him a link to a website that mimicked a genuine trading portal. After registering with his phone number and details, he was classified as a high-net-worth client. His initial investment of ₹5,000 yielded small returns, which were credited to his online wallet on the fake platform. This apparent success encouraged him to invest larger sums.
However, the situation changed when he tried to withdraw his profits. Each withdrawal attempt triggered new demands for commissions, taxes, or fees. Complying with these demands, the victim transferred substantial amounts to multiple bank accounts provided by the fraudsters. Ultimately, the operators blocked his access to the portal and refused to release his displayed profits, revealing the elaborate scam.
A Recurring Pattern of Deception
In a similar case, a 35-year-old man approached the police after being cheated of ₹73 lakh. He was also lured by a woman posing as a stock analyst on social media, who guided him to a fraudulent trading platform. Trusting her advice, he even borrowed money from friends and family to invest, transferring funds to various bank accounts. While his virtual balance on the platform showed crores of rupees in profit, any attempt to withdraw was met with demands for additional commission payments.
Six other individuals reported losses exceeding ₹1.32 crore to nearly identical fraud schemes, bringing the total for the two-day period to over ₹3.5 crore.
Police Issue Stern Warning to Public
Authorities note that investment scams have become a worrying trend in cybercrimes reported across Visakhapatnam and Andhra Pradesh. Victims are no longer just the digitally naive; they increasingly include tech-savvy youngsters enticed by promises of unrealistically high returns.
An officer from the Cyber Crime Police Station emphasized the need for extreme caution. "We have been consistently advising people not to believe unsolicited investment offers on social media or through online advertisements," the officer stated. "Yet, people continue to fall prey. If someone wishes to invest, they should do so only after visiting the legitimate office of the financial service provider and receiving proper, verified guidance."
The police are investigating the cases, which involve transactions to numerous bank accounts used by the cyber criminals.
