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Bengaluru techie loses Rs 68 lakh in online bed sale scam, falls prey to fraudulent tactics by sharing OTP

A Bengaluru engineer lost 68 lakhs in an OLX scam while selling a bed. Deceived by a buyer posing as a furniture store affiliate, the engineer engaged in manipulated transactions, resulting in huge financial losses. The scam involved coerced money transfers and sharing OTPs, underscoring the risks and the importance of caution in online transactions.

Bengaluru techie loses Rs 68 lakh in online bed sale scam, falls prey to fraudulent tactics by sharing OTP vkp
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First Published Dec 15, 2023, 2:09 PM IST

A Bengaluru-based software engineer faced a staggering loss of 68 lakhs after attempting to sell his used bed on the popular online marketplace OLX. Adish, (Name changed), residing in HSR Layout and employed at a private software firm in the city, found himself trapped in a severe scam.

The incident, as reported by The Times of India, unfolded when the 39-year-old engineer put up his old bed for sale on OLX, tagging it at a modest price of Rs 15,000 and uploading accompanying photographs.

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Trouble arose when a purported buyer, claiming affiliation with a furniture store, expressed interest in purchasing the bed. Initially agreeing upon the price, the buyer, citing technical issues with the UPI transaction, coerced Adish into a series of deceitful monetary exchanges.

The scam artist first requested a nominal amount of Rs 5, only to return Rs 10 instead. Subsequently, the demands escalated, leading to Adish transferring Rs 5,000, receiving Rs 10,000 erroneously, and further parting with Rs 7,500, allegedly resulting from a mistaken transfer of Rs 30,000 by the scammer.

The situation twisted when Adish, falling victim to the buyer's manipulative tactics, was persuaded to share OTPs through a series of fabricated technical errors. Tragically, this led to a gradual depletion of funds from Adish's account, totalling a staggering loss of 68 lakhs.

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The scam further unravelled on December 6, when an individual posing as Rohit Mishra contacted Adish around 7 pm, claiming to be a furniture shop owner from Indira Nagar. Manipulating the same modus operandi, the imposter coerced Adish into sending money with the false promise of doubling the amount, ultimately leading to more losses.

It's important to note that financial institutions, along with regulatory bodies like NCPI and RBI, have repeatedly cautioned customers against sharing One-time Passwords under any circumstances. The advice emphasizes the importance of using OTPs and sharing them with trustworthy people.

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