In a recent incident, a 52-year-old businessman, identified as Sharath (name changed), and director of a private firm residing in Jayanagar, allegedly fell victim to cybercrooks, losing a staggering Rs 5.2 crore in a stock market scam. Sharath reported the incident to the cybercrime police on April 8, detailing the sequence of events that led to his substantial financial loss.
Modus Operandi
According to Sharath’s complaint, he received a WhatsApp message on March 11, enticing him to invest in the stock market for lucrative returns. The message contained a link (bys-app.com) and added him to a WhatsApp group named “Y-5 Ever Core Financial Leader,” boasting around 160 members. Despite initially refraining from clicking on the link, Sharath succumbed to persuasion from unknown callers associated with the group, eventually downloading the application.
Financial Loss
Sharath proceeded to purchase stocks as directed by the miscreants, who provided him with multiple accounts for transferring funds, claiming they would be invested in the stock market. By April 2, Sharath had transferred Rs 5.2 crore to five accounts specified by the fraudsters. Despite his request to withdraw profits and a portion of his initial investment, the scammers refused, prompting Sharath to realize he had fallen victim to a scam.
Investigation and Recovery Efforts
Law enforcement has registered a case under the IT Act and initiated further investigation into the matter. Measures have been undertaken to freeze the funds in the fraudsters’ accounts with the cooperation of bank nodal officers. Authorities remain hopeful of recovering a portion of the lost funds through these efforts.
Caution Against Cyber Frauds
This incident serves as a stark reminder of the prevalence of cybercrimes, particularly in the realm of financial transactions and investments. Individuals are urged to exercise caution and skepticism when approached with unsolicited investment opportunities, especially through unfamiliar channels such as social media or messaging platforms. Vigilance and awareness are key in safeguarding against such fraudulent schemes.
