The last few months have seen a spurt in online frauds, where fraudsters are stealing money from people on the pretext of offering high investment returns. These fraudsters are creating fake groups on messaging platforms like WhatsApp and then adding unsuspecting individuals and providing information and tricks to earn more money through investments. Many people have lost money by falling prey to these scams. Recently, a 43-year-old woman from Manikonda in Hyderabad fell victim to this, who was duped of about Rs 15 lakh by fraudsters posing as SBI Securities officials.

According to a Times of India report, the victim was lured by promises of high returns on investments via WhatsApp and a fraudulent trading application. As per the report, like other reported cases, the victim received a WhatsApp message in August promoting an ‘SBI Securities International Account’, aimed at improving his trading skills and investment returns. Attracted by the offer and seeing the prestigious name of SBI, the victim expressed interest and was later added to the ‘SBI Securities Group’ on the messaging platform. Scammers posing as SBI officials persuaded him to download an app called ‘SBI-INT’ and create an account, presenting it as an official SBI trading platform.

Under this fraudulent scheme, the scammers promised high returns through various investment opportunities, including IPO allotments, upper circuit stocks, and block trades. Believing it to be a legitimate opportunity, the victim initially made small investments. She was further encouraged by the prospect of substantial profits and over time, she increased her contributions, transferring multiple deposits to the app’s wallet, thinking she was investing in IPO stocks.

However, when the victim attempted to withdraw his profits and initial investment, the fraudsters demanded an additional payment of Rs 22 lakh, stating that it was necessary to pay ‘taxes’ to release the funds. This demand raised his suspicion, prompting him to seek help. By then, the victim had already lost around Rs 15 lakh, and was only given a token return of Rs 25,000 as part of the scam.

Realising that she has been cheated, the victim immediately lodged a complaint with the Cyberabad Cyber ​​Crime Police. A case has been registered, and officials have begun investigating the incident. The case highlights the growing cunning of cyber criminals who are luring unsuspecting victims using reputed organisations such as SBI.

To avoid falling prey to such scams, people are advised to verify any unsolicited investment offers, especially those promising unusually high returns. It is also important to double-check the authenticity of the contacts and the platform being used.

Remember that financial transactions should only be conducted through official channels, and individuals should avoid downloading unknown applications or clicking on suspicious links sent via messaging platforms. Additionally, before making significant investments, consulting a financial advisor or contacting the relevant financial institution directly can help verify the legitimacy of the investment opportunity.