In another shocking case of online fraud, a 49-year-old IT professional from Vasai, Mumbai lost Rs 1.16 crore after clicking on an online advertisement. The victim, who holds a senior position in a leading IT company, was lured into the scam by a false advertisement promising good returns on investment in the stock market.

The scammers allegedly defrauded victims through a scheme involving fake advertisements, a WhatsApp group, and a fraudulent trading platform. They lured him by promising huge returns on his investments and ultimately emptied his bank account. According to a report in the Free Press Journal, the victim first encountered the scam while browsing the internet, where he saw an advertisement promoting investment in the stock market. The advertisement promised substantial returns on investment, which piqued the victim’s interest and he clicked on the link.

Soon after clicking the link, the victim was added to a WhatsApp group with around 125 members. Many of these members claimed to have made significant profits through “expert” guidance provided by the group’s administrators.

Inspired by these success stories and hoping to earn similar returns, the victim decided to participate. He shared his account details with the group and was instructed to download a trading app that appeared legitimate at first glance. From August 16 to August 20, the victim followed the instructions given by the so-called “experts” of the group and transferred Rs 1.16 crore to different accounts as instructed.

However, when the victim attempted to withdraw his investments and profits, he was unable to do so, which raised suspicion. As seen in other cases, instead of processing the withdrawal, the scammers asked the victim for additional payment, claiming that it was necessary to process the refund. At this point, the victim realized that he had been cheated and approached the police to lodge a complaint.

This case is another serious reminder of the growing threat of cyber crime and online fraud in India. It also highlights how cybercriminals are adopting increasingly sophisticated tactics to exploit unsuspecting victims, and underlines the importance of vigilance when engaging with online investment opportunities.

how to stay safe

Given the increase in online fraud, especially in investment schemes, it is essential for individuals to exercise extreme caution when navigating digital financial opportunities.

It is highly advised not to click on unverified advertisements or offers that promise to make easy money and that sound too good to be true. Before joining any online investment opportunity, verify the platform thoroughly. Research the company, check if it is registered with regulatory authorities like SEBI (Securities and Exchange Board of India), and read reviews from independent sources.

Additionally, never share sensitive information such as bank account details, credit card numbers, or personal identification details on unfamiliar websites or with individuals with whom you have only interacted online. Scammers often use this information to drain your accounts.

Be suspicious if you receive an investment offer unexpectedly, especially through online advertisements or social media platforms. Scammers often use high-pressure tactics to get you to act immediately without thinking about the consequences.

Remember that promises of high returns with little or no risk are classic signs of a scam. Legitimate investment opportunities always involve a certain level of risk, and if it sounds too good to be true, it probably is.