Mangaluru: A 60-year-old woman from Mangaluru was allegedly duped of Rs 13.74 lakh by cyber fraudsters who promised high returns through stock market investments.
A case has been registered at the Mangaluru cyber crime police station following the incident. The woman reportedly transferred money in multiple instalments to bank accounts provided by unidentified persons after being convinced that she could earn substantial profits from share market trading.
WhatsApp message leads to investment trap
According to the complaint, the woman was browsing WhatsApp on her mobile phone on May 28 when she received a message from an unknown number.
The sender allegedly claimed to represent a company involved in stock market investments and promised substantial returns. Soon after, an unidentified person reportedly contacted her over the phone and explained an investment scheme.
The caller allegedly convinced the woman that investing through the scheme would enable her to earn significant profits and potentially double her money.
Believing the claims, the woman agreed to invest.
Rs 13.74 lakh transferred in phases
The fraudsters allegedly provided the woman with details of different bank accounts into which she was instructed to transfer money.
Starting from May 28, she reportedly transferred funds in several instalments to the accounts provided by the unknown individuals.
The transactions continued after she was allegedly led to believe that the money invested was generating profits through stock market trading.
The total amount transferred by the woman reportedly came to Rs 13.74 lakh.
The incident remained undetected until she attempted to withdraw her investment along with the purported profits.
Fraud comes to light when withdrawal fails
The woman reportedly tried to withdraw the money she had invested and the profits shown to her. However, she was unable to access or withdraw the funds.
She then attempted to contact the persons who had approached her and provided the investment details. However, the phone calls reportedly went unanswered.
The sudden inability to withdraw the money, coupled with the lack of response from the individuals, raised her suspicions.
She subsequently approached the police and lodged a complaint. The authorities confirmed that she had allegedly been cheated through a fraudulent investment scheme.
The cyber crime police have registered a case and are investigating the transactions and the bank accounts used to receive the money.
How to stay safe from investment scams
Cyber fraudsters often use promises of unusually high or guaranteed returns to persuade victims to transfer money. Investment offers received through unsolicited WhatsApp messages, social media platforms or calls from unknown persons should be treated with caution.
Before investing, people should independently verify the identity of the company, broker or investment platform through official sources. They should avoid transferring money to personal or unrelated bank accounts based solely on instructions received through messaging apps or phone calls.
People should also be cautious if an alleged investment platform shows profits but demands additional payments before allowing withdrawals.
Never share sensitive banking details
People should never share OTP numbers, passwords, PINs, card details or other sensitive banking information with unknown callers or through suspicious messages.
Police officials and legitimate financial institutions do not require people to disclose such confidential information over unsolicited calls.
The public should also be aware of the term “digital arrest”, which is not a legal procedure under Indian law. Scammers may falsely claim to be police officers or other government officials and threaten victims with arrest through video calls or online proceedings while demanding money.
Anyone receiving such threats should avoid transferring money and independently contact the concerned police department or government agency through an official channel.
Report cyber fraud immediately
Anyone who suspects that they have been targeted by a cyber scam should report the incident to the police and their bank without delay. Prompt reporting can help authorities take steps to trace or potentially freeze fraudulent transactions.
The Mangaluru case serves as a reminder to exercise caution before responding to unsolicited investment offers, particularly those promising unusually high or guaranteed returns.