A 51-year-old businessman from Bengaluru has reportedly lost ₹3.8 crore in a cyber fraud case after being trapped by fraudsters posing as investment brokers through an Instagram advertisement.
According to police, the victim came across an online ad promoting block trading opportunities. After clicking the link, he was added to a WhatsApp group where several members appeared to share screenshots of large profits, creating an illusion of legitimacy.
How the scam unfolded
Investigators said the victim was contacted by individuals using fake names, who claimed to represent a reputed financial services firm. They allegedly guided him to register on multiple fraudulent websites and asked him to complete KYC formalities.
To gain trust, the accused reportedly shared forged certificates claiming approval from Securities and Exchange Board of India and displayed fake profit statements.
Believing the investment was genuine, the businessman transferred ₹3.8 crore to several bank accounts over nearly two months.
Suspicion arose during withdrawal
The fraud came to light when the victim later tried to withdraw his money. Police said the fraudsters instead demanded an additional 30 per cent as service charges and other fees.
Realising he had been cheated, the businessman approached police and filed a complaint. Authorities have registered a case under provisions of the Information Technology Act and relevant sections of the Bharatiya Nyaya Sanhita.
Police issue warning
Police have urged the public to verify investment platforms before transferring funds and remain cautious of high-return promises circulated through social media advertisements..