Bengaluru: A 70-year-old doctor from Horamavu lost Rs 73 lakh to cybercrooks after being duped in a fake stock market investment scheme. The fraud occurred between July 12 and August 7, and came to light only when the victim attempted to withdraw her alleged profits.
How the fraud began
The victim clicked on an online advertisement promoting stock market trading. Soon after, she was added to a WhatsApp group called VIP-65 Faer PE Strategy Room, which had around 70 members. The group was administered by two men identifying themselves as Ram Manohar M and Vamsi Ramana, who regularly shared investment tips and returns screenshots.
At first, the doctor only observed the discussions. Once she expressed interest, the administrators created an account for her, provided login credentials, and even transferred Rs 50,000 as profit to build her trust.
Lured with fake profits
The fraudsters encouraged her to invest through the ‘FaerPE’ mobile app, which they claimed was linked to a genuine trading platform. The doctor initially invested Rs 20,000 and was shown positive returns.
Convinced by the group’s activity and repeated assurances of high profits, she went on to invest Rs 73 lakh through multiple transactions, including money from her own account and accounts of two relatives. She was shown a profit of Rs 1.7 crore on the portal.
The trap unravels
When she attempted to withdraw her earnings, the fraudsters began demanding additional payments, citing reasons such as taxes, processing charges, and fines. Growing suspicious, the doctor refused to pay further and lodged a complaint with the police on August 19 after also reporting the matter to the national cyber helpline.
Fake platform exposed
Investigations revealed that the trading portal and app were fake replicas of a legitimate company. Police are working to trace the money trail and freeze accounts used by the fraudsters.
Interestingly, the WhatsApp group remained active even after the complaint. The administrators continued messaging the victim, trying to convince her to make more payments in order to “unlock” her Rs 1.7 crore returns.
Rising cyberfraud cases
Police have repeatedly cautioned citizens against clicking on suspicious investment advertisements and joining unverified WhatsApp groups. Officials warn that cybercriminals often use psychological tricks, such as initially crediting small profits, to gain victims’ trust before trapping them in large-scale fraud.
The case underscores the growing sophistication of cyber scams and the need for greater public awareness, particularly among senior citizens and professionals.