Stock Market Investment Scam in Bengaluru: Businessman Lured Into Investing in Stocks for Higher Returns, Duped of Rs 5.2 Crore; Case Registered
A businessman in Bengaluru's Jayanagar area fell victim to an online scam, losing Rs 5.2 crore in a fraudulent stock market investment scheme.
Bengaluru, April 22: A 52-year-old businessman from Jayanagar, Bengaluru, found himself embroiled in a harrowing online fraud scheme, losing a staggering Rs 5.2 crore to cyber crooks operating in the guise of stock market investment opportunities. The victim, referred to as Sharath for anonymity, was lured into investing in stocks for promising high returns after receiving a WhatsApp message. Sharath, the victim and director of a private firm, recounted his ordeal to cybercrime authorities on April 8, detailing how he fell prey to the scam.
As per a report by the Times of India, the ordeal began when Sharath received a tempting WhatsApp message on March 11, promising lucrative returns on stock market investments and providing a link to a dubious website (bys-app.com). Despite initially refraining from clicking on the link, Sharath found himself added to a WhatsApp group named Y-5 Ever Core Financial Leader, comprising around 160 members, by unknown perpetrators. Cyber Fraud in Bengaluru: IT Professor Falls Prey to Click-to-Earn Scam, Loses Rs 5.2 Lakh.
Subsequently, Sharath was bombarded with calls from unfamiliar numbers urging him to download an application linked to the investment scheme. Reluctant at first, Sharath eventually succumbed to their persuasion and downloaded the app, initiating his foray into stock market transactions under the guidance of the fraudsters. Over a span of just a few weeks, Sharath unwittingly transferred a colossal sum of Rs 5.2 crore to five different accounts provided by the scammers, believing it to be invested in the stock market. Online Scam in Bengaluru: Woman Tries to Buy Four Dozen Eggs for Rs 49, Duped of Rs 48,000; Case Registered.
However, when he attempted to withdraw profits or reinvest, he encountered resistance from the fraudsters, leading to suspicions of foul play. Upon realization of the deception, Sharath promptly filed a complaint with the cybercrime police, prompting the initiation of an investigation under the IT Act. Authorities are now working diligently to freeze the accounts associated with the fraudsters in hopes of recovering the defrauded amount.
(The above story first appeared on LatestLY on Apr 22, 2024 12:26 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).