HIGHLIGHTS

In July 2024, a seasoned trader fell victim to a fraudulent scheme, lured by promises of lucrative online trading tips.

The perpetrators enticed the victim with complimentary online trading lessons, leveraging a professional facade to gain his trust.

By April 2025, the unwitting trader had transferred a staggering amount through 11 different transactions.

Imagine embarking on what seems to be a golden investment opportunity, only to be faced with the devastating loss of your hard-earned money after months of building trust. This unfortunate tale revolves around a 68-year-old man who became a target of an online scam that cost him Rs 3.75 crore. Keep reading to explore how this elaborate scam took shape and what measures you can take to protect yourself from falling victim to similar frauds.

The saga began in July 2024 when the victim, an adept trader, was approached by the scammers who promised him lucrative online trading strategies. Initially, the fraud appeared to be completely legitimate. He was offered free access to online trading classes, and the scammers’ professional demeanor fueled his confidence in their operations. Fast forward to April 2025, and the victim found himself having transferred significant amounts through 11 separate transactions.

The scammers crafted a false trading platform on trade.finnix-group.org, where the victim could supposedly monitor market updates and execute trades, as reported by TOI. Additionally, he was added to a WhatsApp group populated with over 50 individuals, all fabricated by the fraudsters. These so-called peers shared fabricated success stories about accumulating massive profits through the very tips the victim was following.

For additional insights, check out this article: Retired teacher loses Rs 56 lakh in digital arrest scam: Here’s what happened.

As the victim observed what he believed were significant returns on his initial investments, he was motivated to invest even more. However, as time passed, he struggled to withdraw his profits. The scammers continued to persuade him to inject more funds, citing various technical glitches while promising that he would soon attain billionaire status. When the victim finally realized he could neither access his profits nor recoup his initial investments, suspicion set in. He promptly reported the shocking ordeal to the police.

How to Safeguard Yourself Against Online Scams

• Conduct In-Depth Research: Always validate the credibility of any investment platform before parting with your money. Seek out reviews and ratings from reliable sources to ensure you’re making an informed decision.
• Steer Clear of Unrealistic Returns: If an investment proposal sounds excessive or too good to be true, exercise extreme caution. Trust your instincts regarding the viability of such opportunities.
• Fortify Your Accounts: Use robust, unique passwords for your online accounts and enable two-factor authentication wherever possible to bolster security and prevent unauthorized access.

For more cautionary tales, read about: Businessman loses over Rs 4cr in investment scam: Here’s what happened.