In another unfortunate incident of cyber scam, a Mangaluru resident lost Rs 1.5 crore after clicking on a wealth multiplication ad on Facebook. He came across a Facebook post highlighting the ‘Jefferies Wealth Multiplication Plan’. The ad promised huge returns on investment and the victim got interested. Attracted by the opportunity to make significant profits, the victim clicked on the ad and followed the instructions given.

According to the case reported by TOI, after clicking on the ad, the person was asked to answer a number of questions given in the ad and provide his contact number. Following the questions, he was added to a social media group called “Jeffrey Wealth Multiplication Center-223” on May 3. In this group, members often shared screenshots of the impressive returns they had allegedly received from their investments, creating an illusion of legitimacy and success.

Encouraged by the testimonials and hoping to easily increase his wealth, the victim decided to invest in the trading platform promoted by the group. After his confirmation, the group admin, who identified herself as Julia Stern, provided a link to open a trading account. Trusting the admin’s guidance, the victim opened an account through the link and proceeded with the investment.

The victim transferred Rs 73 lakh and Rs 77 lakh in two separate transactions from his bank accounts, totalling Rs 1.5 crore. However, after transferring the funds, the victim was unable to contact the admin. His contact number became unreachable, which rang alarm bells for the victim.

The complainant realised that he might have fallen prey to a scam, so he immediately lodged a complaint through the National Cyber ​​Crime Reporting Portal (NCRP). Mangaluru Cyber ​​Economic and Narcotics (CEN) police have registered a case and are investigating the matter.

How to stay safe from advertising scams

This is not the first case of people losing money in trading scams. However, it shows that even after so many cases and awareness campaigns, people are still falling for these lucrative offers without double-checking the firms and losing their money. With the rising cases of online scams across the country, it is important to stay vigilant. Here are some important safety measures to avoid falling prey to such online scams:

• Before investing in any platform, do thorough research to confirm its legitimacy. Check the official website, contact information, and reviews from reliable sources.
• Be suspicious of ads that promise unusually high returns with minimal risk. If an investment opportunity sounds too good to be true, it probably isn’t.
• Do not share your personal and financial information on social media platforms or with any unknown person. Scammers often use such information to exploit victims.
• If you see any suspicious ads or think you have been the victim of a scam, report it immediately to the relevant authorities.