Bengaluru: Lured by 1500% returns, man loses staggering Rs 6.5 crore in trading scam; here's how to stay safe
A Bengaluru-based company director lost Rs 6.54 crore in an online trading scam promising 1500% returns. The victim was deceived into transferring the money over two months. An investigation is underway, and police advise caution against unsolicited investment offers and verifying platforms before investing.
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FollowA 56-year-old Bengaluru-based company director has fallen victim to a massive online scam, losing Rs 6.54 crore in a fraudulent share trading scheme. The incident sheds light on the increasing risks of being duped by promises of extraordinary returns in the stock market.
How the scam unfolded
According to reports, the victim was contacted by fraudsters via an online platform. They convinced him with the promise of unrealistic 1500% returns on his investments. Enticed by this offer, the man was persuaded to download a fake trading app provided by the scammers. Over the next two months, from early August to mid-October, he transferred a total of Rs 6.54 crore into several bank accounts controlled by the scam operators.
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The fraud came to light when the victim attempted to withdraw his so-called profits. At that point, the scammers asked him for an additional Rs 2.5 crore as fees, raising suspicions. Realizing the scam, the man approached Bengaluru police and filed a complaint, reported TOI.
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Investigation
Senior police officers confirmed the case and have launched an investigation. They are working to freeze the primary bank accounts involved in the fraud and trace the culprits. A police official explained, “Scammers often use rising stock trends to build credibility. They psychologically manipulate victims by sharing success stories within the group to make the scheme appear legitimate.”
Tips to stay safe
With the rise of online scams, it's important to stay alert and protect yourself. Be careful of any investment advice that comes out of the blue, especially from online platforms. Never share your bank or financial information with people you don't know. It's also a good idea to avoid downloading apps from unknown sources. Always check if an investment platform is real before making any payments. Remember, if an offer sounds too good to be true, it most likely is.
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