Online scams are currently one of the biggest cyber concerns in India. Over the past few years, thousands of netizens have reported losing money to online fraudsters. Due to hesitation, late realization or other factors, victims often delay reporting the matter or avoid doing so altogether, reducing their chances of getting their money back. However, in a recent case from Bengaluru, an IT couple who had allegedly lost Rs 1.53 crore in an online trading scam managed to get back Rs 1.4 crore, which is an example of how prompt legal action can help you get your money back if you fall prey to such scams.

According to a report by The Hindu, the software engineer couple living in Banaswadi, Bengaluru, were lured into this scam by the promise of high returns on investments. Like many victims of such schemes, the couple was reportedly approached by fraudsters operating from the UK. The scammers contacted the couple through social media and even set up a fake online trading platform. The platform appeared to be legitimate, with a user-friendly interface and regular updates on the “growth” of the investment. To further strengthen the illusion of legitimacy, the scammers provided the victims with real-time access to this fake website, where the couple could monitor their profitable investment.

Believing it to be a legitimate opportunity to earn more cash, the couple decided to invest further. In a few months, they invested crores, excited by the returns shown on the website. However, when they attempted to withdraw a part of their funds, the truth of the scam came to light.

The website, which was fully functional until then, suddenly became inaccessible. Their attempts to reach out to customer support went unanswered, and they soon realised that their account was locked. Realising that they had been cheated, the couple immediately reported the incident to the East Division Cyber ​​Crime Police in Bengaluru.

Upon receiving the complaint, the cyber crime police swung into action and began an investigation to trace the stolen funds. During the investigation, the police reportedly found that the scammers had created a network of “mule accounts” across North India. These accounts were rented from unknown individuals and used to launder the stolen funds, making them difficult to trace.

The police traced the money trail by freezing more than fifty accounts linked to the scam. The officials acted promptly and managed to recover Rs 1.4 crore out of the stolen Rs 1.53 crore.

Stay Safe

This case highlights the importance of being vigilant when dealing with online fraud. Here are some important points that will help you stay safe:

• Always do thorough research before investing in any online platform. Check out reviews, verify the company’s credentials, and be wary of offers that seem too good to be true.
• Scammers often lure victims with the promise of high returns on investment. If an offer seems unusually attractive, consider it with suspicion.
• Use strong, unique passwords for your online accounts and enable two-factor authentication where possible. This adds an extra layer of security and makes it harder for scammers to access your accounts.
• Stay updated on the latest news on online fraud and familiarize yourself with the common strategies used by fraudsters. Awareness is your first line of defense against online fraud.