In an era of increasing numbers of online scams, another shocking case involving a 43-year-old private sector employee has emerged, demonstrating how brutal these cybercrime cases are becoming. The victim was contacted for an online investment via WhatsApp and was later duped out of Rs 72 lakh. The case is currently being investigated, and authorities are working to recover the lost funds.

Read on to learn more about what happened and how the scam unfolded so that you are aware of new tricks and ways to defraud people.  

Investment scam: How it unfolded 

The scammers contacted the victim via WhatsApp for online stock trading, pretending to be employees of the legitimate broking platform Zerodha. According to Cyberabad cybercrime police, the scammers, Hanan Delvi and Ishita Paul, contacted the victim and claimed to be affiliated with Zerodha. The scammers then persuaded the man to download and install a fraudulent trading application via a web link. 

Soon after gaining the victim’s trust, the scammers demanded that he transfer a whopping Rs 72.55 lakh to their account between April 30 and May 26 in the name of investing in the stock market through a trusted platform.

To persuade him that the platform was legitimate, the fraudsters credited Rs 1.73 lakh to his account on May 14, labelling it as profits. After gaining confidence, the victim tried to withdraw Rs 15 lakh from his account. However, he was informed that his trading account had accumulated profits of Rs 2.19 crore and that he would have to pay a tax of Rs 43.93 lakh to access the funds. 

The victim became suspicious and visited the Zerodha office in Begumpet. There, he discovered that the trading app he was using was a scam and that no such account existed. He realised he had been duped and immediately contacted the national cybercrime helpline 1930 and filed a formal complaint with the Cyberabad Cybercrime Police.

A complaint has been filed under several sections of the Bharatiya Nyaya Sanhita (BNS), including 318(4) (cheating and dishonestly inducing delivery of property), 319(2) (cheating by personation), 336(3) (forgery for the purpose of cheating), 338 (forgery of valuable security), and 340(2) (using as genuine a forged document or electronic record), as well as section 66-D of the Information Technology Act. 

Investment scam: How to stay safe

Citizens are strongly advised not to trust unsolicited calls or messages encouraging investments. Never share sensitive information such as bank details or OTPs with anyone. Before making any financial commitment, thoroughly research and verify the legitimacy of the investment platform through official sources.