Online Investment Scam: A Pune-based clinical researcher lost a whopping Rs 2.1 crore in less than a month due to an intricate cyber fraud. Pretending to be a well-known venture capital fund with its headquarters in the US, the fraud involved a fake share market investment platform. Read on to know the details.
Pune man loses 2.1 crores through an online investment scam
In just one month, hackers using a fake share market investing platform that was made under the false pretence of being a well-known venture capital fund in the US caused the 45-year-old Pune clinical researcher to lose Rs 2.1 crore.
The victim lost money from the sale of a house as well as a loan of Rs 70 lakh that was taken out especially to invest in the fraudulent platform. According to officials, this was possibly one of the largest internet frauds ever reported in Pimpri, Chinchwad, and Pune.
The victim, a 45-year-old who worked in an Indian clinical research firm’s statistics department, filed a First Information Report (FIR) at the Wakad police station. He began looking at stock market investing throughout the earlier part of the year, when he was working remotely.
He saw a social media advertisement for a share market investment platform that was associated with a prominent venture capital fund in the US. He clicked on the link, which resulted in his joining a WhatsApp group. Group administrators promoted investments via the site by offering links and online tutorials.
To make investments, he even downloaded an app on his phone and used it for all of the transfers. Ultimately, the man transferred a grand total of Rs 2.1 crore to the fraudulent investment site. The victim even made these “investments” by selling his property and taking out loans totaling Rs 70 lakh. The administrators of the WhatsApp group finally made him aware he was being conned when they urged him to invest Rs 4.33 crore in an oil company’s initial public offering.
Upon refusing to invest due to the substantial sum, the administrators informed him that all of his prior investments had been placed on hold. He began calling the group managers at this point, using the group phone numbers and soon understood he was being tricked. The crooks allegedly used fake accounts for money transactions situated in many Indian locations. The case in question is still being investigated.
How to stay safe from such scams?
Research before you invest
You should never base your financial decisions solely on unsolicited emails, posts on message boards, or press releases from companies. Prior to making an investment, learn about a company’s operations and offerings.
Ask questions
Fraudsters rely on you not doing any research before making an investment. Make your own studies to ward them off. Requesting references or further details is insufficient since con artists have no motivation to provide you with the truth. Give it some time to conduct independent research on your own.
Protect yourself online
Fraudsters have an abundance of opportunities on social media and internet marketing platforms. Safeguard your social media accounts to keep yourself safe online.
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