WhatsApp Scam Leaves Bengaluru Men with Multi-Million Rupee Losses in Stock Market: Account
In the bustling city of Bengaluru, Karnataka, India, a surge in cyber fraud incidents has been reported, with a notable focus on fake trading platforms and WhatsApp groups promising high stock market returns. Two separate cases highlight the modus operandi of these scammers and the devastating consequences for their victims.
In one instance, a 48-year-old businessman from Visvesvaraya Layout lost over ₹1.54 crore to a cyber fraud through a fake trading platform and a WhatsApp group named 'CATALIST CUSTOMER SERVICE'. The fraud was perpetrated by a woman who introduced herself as Ashmita Tiwari, allegedly a manager at Barclays Investment Bank in Mumbai. The businessman was convinced by a phony dashboard that showed his funds growing, only to realise the scam when he was unable to withdraw his so-called profits and was ghosted.
Another victim was a 30-year-old engineer named Randeep S from Vijayanagar. He fell victim to a similar scam, this time through a WhatsApp group called 'India Stock HUB12'. Randeep initially received a payout of ₹90,000 on his first investment of ₹3.5 lakh to build trust. Over two months, he transferred ₹61.3 lakh before the scam was uncovered.
These scams often employ a combination of fake social media profiles, staged interactions, fake trading dashboards, WhatsApp groups filled with fake testimonials, and impersonation of customer service executives to gain victims' trust. The fraudsters then request multiple fund transfers over months and employ pressure tactics like additional fees to extort more money.
The West CEN Cyber Crime police have filed two separate FIRs and are currently investigating the cases. Authorities are working with banks to trace the accounts where the fraudulent funds were routed, but due to delays in reporting and quick movement of funds by scammers, chances of recovering money remain low.
To increase the chances of recovery and protect potential victims, authorities urge everyone to report suspicious activity immediately. The Information Technology Act and relevant cheating provisions are being used to prosecute these cases.
These incidents serve as a stark reminder of the need for vigilance in the digital age. It is crucial for individuals to verify the authenticity of platforms and sources before investing and to report any suspicious activity to the authorities promptly.
- The surge in cyber fraud incidents in India, particularly in Bengaluru, has been highlighted by the use of fake trading platforms and WhatsApp groups, as seen in the cases of a 48-year-old businessman and a 30-year-old engineer who lost significant amounts of money.
- In these scams, fraudsters employ a mix of fake social media profiles, staged interactions, and impersonation of customer service executives to gain victims' trust and request multiple fund transfers over months.
- The West CEN Cyber Crime police have filed two separate FIRs in response to these scams, and authorities are working with banks to trace the funds, but due to delays in reporting and the quick movement of funds by scammers, chances of recovering money remain low.
- It is crucial for individuals in India to verify the authenticity of platforms and sources before investing, to report any suspicious activity to the authorities promptly, and to be vigilant in the digital age to protect themselves and potential victims.
