New Delhi: In a recent online trading scam, a 60-year-old man from Menamkulam, Kerala lost Rs 71.75 lakh. The victim was initially contacted by fraudsters through WhatsApp. They promised him expert trading tips that would guarantee large profits. Eager to invest and learn, he downloaded an app suggested by the scammers. However, once he started investing, the fraudsters took advantage of his trust, and despite making several large transactions, he was unable to recover any of his money.
The victim, an experienced trader, was contacted by fraudsters on WhatsApp in December last year, according to a report by The Times of India. They shared detailed trading tips and promised better opportunities to earn profits. The victim, impressed by their advice decided to explore the offer further without realising he was being set up for a scam.
The scammers guided the victim to invest a small amount initially and he received timely returns. These early profits convinced him that the opportunity was legitimate. Hence, he decided to invest more. As his interest grew, the scammers encouraged him to download a mobile app to track his investments and view his growing profits. The app’s smooth interface and the constant display of increasing earnings pushed the victim to invest even more.
The report states that the victim made 12 transactions, investing different amounts up until January 10 of this year. However, when he tried to withdraw his funds and profits shown on the app, the fraudsters claimed there were “technical issues” and pressured him to invest more in order to unlock his earnings.
The victim continued to follow the scammers’ instructions but his suspicions grew when his repeated attempts to withdraw money failed. Eventually, he realised he had been tricked and filed a complaint with the city cyber police. Investigations showed that the funds had been transferred to seven different bank accounts. A case was filed against eight unidentified individuals, including the person who first contacted the victim on WhatsApp.