A retired Brigadier from Panchkula, Haryana, lost aRs 4.2 crore after falling victim to a cyber fraud . According to a report by The Indian Express, the victim received an app link via a WhatsApp message. The message promoted a stock market scheme that offered high return on investments. Trusting the credibility of the message, the retired officer downloaded the app. Consequently, he lost Rs 4.2 crore on the pretext of investing in the stock market.
How the scam happened
The scam started when the retired officer downloaded an app from a link he received on WhatsApp. The report said that the victim was persuaded by fraudsters to invest in stock market schemes by giving him lucrative offers.
Initially, he invested around Rs 1 crore, believing in the authenticity of the scheme. He then involved his wife in the investments, eventually transferring a total of Rs 4.2 crore across multiple accounts provided by the scammers. To make it seem legitimate, the fraudsters maintained continuous communication and provided constant updates.
However, when the victim attempted to withdraw his funds, the fraudsters demanded an additional commission of Rs 65 lakh to process the withdrawal. Realizing something was amiss, the victim quickly understood he had been scammed and reported the incident to the Haryana Cyber Crime Police .
Consequently, authorities launched an investigation and discovered that the scam was part of a larger, international fraud network . The masterminds, based in the U.S. and U.K., had been running a highly coordinated operation. They laundered the stolen funds using bank accounts of individuals in rural border villages of India, who were paid small commissions ranging from Rs 4,000 to Rs 10,000 for each Rs 1 lakh transferred.
How the scam happened
The scam started when the retired officer downloaded an app from a link he received on WhatsApp. The report said that the victim was persuaded by fraudsters to invest in stock market schemes by giving him lucrative offers.
Initially, he invested around Rs 1 crore, believing in the authenticity of the scheme. He then involved his wife in the investments, eventually transferring a total of Rs 4.2 crore across multiple accounts provided by the scammers. To make it seem legitimate, the fraudsters maintained continuous communication and provided constant updates.
However, when the victim attempted to withdraw his funds, the fraudsters demanded an additional commission of Rs 65 lakh to process the withdrawal. Realizing something was amiss, the victim quickly understood he had been scammed and reported the incident to the Haryana Cyber Crime Police .
Consequently, authorities launched an investigation and discovered that the scam was part of a larger, international fraud network . The masterminds, based in the U.S. and U.K., had been running a highly coordinated operation. They laundered the stolen funds using bank accounts of individuals in rural border villages of India, who were paid small commissions ranging from Rs 4,000 to Rs 10,000 for each Rs 1 lakh transferred.
You may also like
Singapore's private economy expands for 19 consecutive months
Unani Doctor Shot Dead By Juvenile Assailants In Delhi, Police Suspect Targeted Killing
'Double whammy' of Covid and cold infections wreaks havoc with blocked noses and coughs
Arvind Kejriwal to relocate at AAP RS MP Ashok Mittal's residence after vacating CM house
