NEW DELHI (India CSR): In a shocking case of cyber fraud, a man from Mangaluru was duped of Rs 46 lakh in an elaborate online trading scam. The victim fell prey to a fake stock market trading scheme after being contacted by fraudsters through WhatsApp. The scam involved false promises of massive profits and culminated in a series of financial transactions that drained the victim’s savings.
The Scam Unfolds
Initial Contact Through WhatsApp
The victim received a WhatsApp message from an unknown sender introducing herself as Shraddha Belani, claiming to represent a reputed firm, ARES Management Corporation. The fraudster promised extraordinary profits of up to 500% through stock market trading, piquing the victim’s interest.
To gain his trust, the victim was directed to complete a registration process through an online link. Once registered, he was added to a WhatsApp group named ‘H 777 ARES Stock Exchange Group’, where the fraudsters shared updates and false information to create an illusion of credibility.
Phased Investment and Initial Gains
First Transaction and Fake Profits
The victim made his first investment of Rs 2 lakh on October 24 via RTGS to a bank account shared by the fraudsters. The very next day, he was falsely informed that he had earned a profit of Rs 50,000 after selling the stocks. Encouraged by this initial gain, the victim decided to invest more.
Gradual Loss of Rs 46 Lakh
Over the next few weeks, the victim transferred a total of Rs 46 lakh in multiple transactions to the fraudsters, believing he was building significant profits through stock trading.
The Red Flags Emerge
Failed Withdrawal and Suspicion
On November 29, the victim attempted to withdraw Rs 20 lakh for personal financial needs but was unable to access his funds. When he contacted Shraddha Belani and another fraudster, Abhishek Ram, they demanded an additional Rs 8.78 lakh to “unlock” his account.
This unusual demand raised the victim’s suspicion, prompting him to file a complaint through the Cyber Crime Portal.
Legal Action and Investigation
Complaint Lodged
The victim reported the incident to the Mangaluru Cyber Economic & Narcotics Crime (CEN) Station, where a case was promptly registered. Authorities have begun investigating the fraudulent activities, aiming to trace the perpetrators and recover the victim’s funds.
Cybercrime Advisory
Police have urged citizens to exercise caution while dealing with online investment opportunities, particularly those that promise unrealistically high returns. Cybercrime officials emphasize the importance of verifying the authenticity of financial platforms and avoiding interactions with unknown individuals offering investment schemes.
Preventive Measures Against Online Scams
How to Stay Safe
- Verify Authenticity: Always cross-check the credentials of individuals or companies offering financial services.
- Avoid Unrealistic Promises: Be cautious of schemes guaranteeing high returns in a short period.
- Secure Communication: Avoid sharing personal or financial information over unverified communication channels.
- Report Suspicious Activity: Immediately report any suspicious messages or calls to cybercrime authorities.
You Learn
This case serves as a stark reminder of the growing menace of online fraud in India. While authorities work to crack down on cybercriminals, individuals must remain vigilant and informed to safeguard their finances. The Mangaluru cybercrime unit’s swift action highlights the importance of reporting such incidents promptly, ensuring timely investigations and deterrence against future scams.
(India CSR)
