Cases of online investment scams are on the rise in India. Over the past few months, many individuals have lost lakhs and crores of rupees to these scams in the hope of getting high returns on their money. While cases are being reported from across the country, in one of the biggest online financial frauds in Kerala, a businessman from Cherthala has lost Rs 7.55 crore within two months while investing in an elaborate online share trading investment scam.

Like other cases involving online investment scams, in this case too, the victim was lured into investing money by fraudsters he contacted online. According to a report in The Hindu, the fraudsters introduced themselves as representatives of reputed financial firms Invesco Capital and Goldman Sachs and offered him a golden opportunity to invest in a supposedly lucrative share trading scheme, assuring substantial returns.

Convinced by their professional behaviour and promise of huge profits, the businessman fell for the lucrative offers and started investing as told. After the initial investment, the fraudsters allegedly gave the victim a fake statement showing that Rs 39,72,85,929 had been credited to his internal equity account, including returns on his investments. Encouraged by this apparent success, the businessman was persuaded to increase his investment further to Rs 15 crore.

However, the situation changed when the businessman decided not to invest the additional amount. As soon as the victim refused to invest more, the tone of the fraudsters changed dramatically. They told him that his internal equity account has been frozen, which made him feel rushed and panicked. To unfreeze the account and withdraw his investment, the scammers demanded another Rs 2 crore from the victim and also threatened legal action if he did not do so.

Later the victim realised that he has been cheated, so he approached the police. The case is under investigation and the police have strictly warned people to be cautious of such online scams. The officials are urging people to do a thorough investigation before making any financial commitment online.

Here are some tips to stay safe from online investment scams:

Always verify the credentials of the investment firm and individuals contacting you. Check the official website, contact numbers and physical addresses.

Always be wary of unsolicited investment opportunities, especially those that promise unusually high returns with little risk. If it sounds too good to be true, it probably is.

Use only established and reputable trading platforms for your investments. Look for platforms that are regulated by official financial authorities.

Consult a certified financial advisor before making significant investments. They can provide you with information and help you assess the validity of investment opportunities.

Most importantly, if you suspect that you are facing a scam, report it to the authorities immediately. In India, you can contact the cyber helpline number 1930 or go to support@cybersecurity.com.