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SHOCKING! Kerala businessman loses Rs 7.55 crores after falling for online investment scam

A businessman from Cherthala, Kerala, lost Rs 7.55 crores in an elaborate online investment scam. The police are investigating the case and have issued warnings to the public to be cautious of such fraudulent schemes.

Kerala businessman loses Rs 7.55 crores after falling for online investment scam gcw
First Published Jun 26, 2024, 2:12 PM IST

In India, the number of incidences of internet investment frauds is increasing. Many people have lost thousands and crores in these scams over the last few months in the hopes of receiving large returns on their investments. A businessman from Cherthala lost Rs 7.55 crores over the course of two months while engaging in an intricate online share trading investment scam. While incidents are being reported from all across the country, this is reportedly one of the biggest online financial scams in Kerala.

Similar to other incidents involving internet investment scams, the victim in this instance was also tricked into making an investment by con artists he communicated with online. According to The Hindu, the con artists presented themselves as representatives of reputable financial companies, like Invesco Capital and Goldman Sachs, and gave him a fantastic chance to engage in an ostensibly profitable share trading plan with guarantees of large returns.

The businessman fell for their alluring promises and began investing as instructed, having been persuaded by their polished appearance and the prospect of substantial gains. Following the initial deposit, the victim allegedly received a fake statement from the scammers claiming that his internal equity account had amassed an incredible Rs 39,72,85,929, including the returns on his investments. The businessman was then convinced to extend his investment to Rs 15 crores in order to further improve his earnings, buoyed by this apparent success.

But when the businessman chose not to invest the extra sum, things changed. Immediately after the victim said that she wouldn't be investing any more, the con artists' tone abruptly shifted. They made him feel anxious and frightened by telling him that his internal equity account had been stopped. The con artists even threatened the victim with legal action if he did not give in to their demands for an additional Rs 2 crores in order to unfreeze the account and withdraw his money.

Later, after realising he had been tricked, the victim went to the police. The police have warned the public to be on the lookout for similar internet frauds and are currently conducting an investigation into the matter. The authorities are advising people to shop around carefully before committing any money online.

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