Tumkur; In a troubling development, a resident of Jayanagar in Tumkur has been duped of a staggering ₹29.61 lakh in an online investment scam. The victim, identified as G. Ratan, was deceived by a fraudulent scheme that promised lucrative returns on investments through a trading platform.
G. Ratan’s ordeal began when he was introduced to a WhatsApp group named ‘Blackstone Institute VIP Group 617’. The group, which appeared to be a legitimate trading advisory service, was run by an individual named Sanvi Sethi. Sethi, acting as the group’s administrator, lured Ratan with enticing promises of high returns on investments in various trading activities.
Under the pretense of offering expert financial advice, Sethi convinced Ratan to download an application called ‘WBSSPro’. This app was presented as a sophisticated tool for managing investments and trading. Once Ratan installed the app, he was provided with login credentials and instructed to update his Aadhaar card and debit card details on the platform.
Over the course of several weeks, Ratan followed the guidance provided by the group and transferred a significant sum of money through the app. In total, he deposited ₹29,61,430 into various accounts as directed by the scam operators. During this period, the app displayed what seemed to be a substantial profit of ₹1 crore, leading Ratan to believe that his investments were generating impressive returns.
However, when Ratan attempted to withdraw the money, he was met with a shocking revelation. The app displayed a “shadow balance” that could not be accessed or redeemed. The supposed profits were merely an illusion created by the scammers to lure him into investing more money.
Realising that he had been defrauded, Ratan promptly reported the incident to the Cyber Police. His complaint has triggered an investigation aimed at tracing the perpetrators behind this elaborate scam. The police are currently analysing the transaction records and the details provided by Ratan to identify and apprehend those responsible.
This case underscores the growing threat of online investment scams and highlights the need for increased awareness among investors. Fraudulent schemes often use sophisticated tactics to appear credible and trustworthy, making it crucial for individuals to exercise caution when dealing with unknown entities online.
To protect oneself from such scams, experts advise verifying the legitimacy of investment platforms, avoiding sharing personal information with unverified sources, and consulting with financial professionals before making significant financial commitments.
As the investigation progresses, the authorities hope to recover the defrauded amount and bring the culprits to justice. For now, Ratan’s experience serves as a stark reminder of the risks associated with online investments and the importance of vigilance in the digital age.
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