A 70-year-old retired engineer has fallen victim to a sophisticated cyber fraud scheme, losing nearly Rs 80 lakh to scammers who promised high returns on stock market investments. The case was registered at the cyber crime police station on Saturday, and investigations are underway.
Retiree Loses Rs 80 Lakh In Stock Market WhatsApp Scam
According to police reports, the victim was first contacted in August via WhatsApp by an individual claiming to be a stock market expert. The scammer added him to a WhatsApp group where members shared screenshots of supposed profits and investment tips, creating the illusion of a genuine trading community, as per a report on The Indian Express.
Convinced by the group’s activity, the engineer began investing small amounts through a trading portal that falsely displayed growing returns. Over time, he transferred more than Rs 80 lakh to various bank accounts provided by the fraudsters. These accounts were later found to be rented and scattered across multiple states, making the trail difficult to trace.
The fraud came to light when the victim attempted to withdraw his money. The scammers demanded additional payments for taxes and transaction fees, and when he refused, they removed him from the group and switched off all contact numbers, reported Times of India.
Realising he had been duped, the engineer lodged a complaint detailing the events between August 20 and October 18. Police have formed a special two-member team to trace the culprits, freeze the transferred funds, and identify the bank accounts involved.
Authorities have urged the public to be wary of unsolicited investment advice on messaging platforms and to verify the legitimacy of financial schemes before transferring money.
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