 Authorities issue a warning about fraudulent crypto investment schemes after a retired engineer lost money amounting to $130,000 to scammers using WhatsApp groups and variations of fake trading apps.
A cheating case was filed by the cyberabad cyber crime police on Friday. A 65-year-old retired Miyapur engineer lost 1.28 crore to fraudsters. The scammers operated a counterfeit online trading scheme.
The victim was employed in a government enterprise. He narrated his experience to the police. On November 4, scammers added him to a WhatsApp group.
The name of the group was 531 DBS Stock Profit Growth Wealth Group. A professor known as Professor Rajat Verma was an administrator. One of the analysts who took part was Meena Bhatt. They persuaded the victim to install a mobile application called DBS developed under the site name ggtkss.cc.
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The Trap: How Fraudsters Built Trust
The fraudsters assured them of special access to block trades. They asserted high-quality IPO allocation. These opportunities could not be availed to regular investors, they said.
According to the police, the victim had placed Rs 1 lakh on November 4. The Ponzi scheme operators enabled him to transfer Rs 5,000. This withdrawal earned his confidence. The fraudsters then convinced him to inject more money.
He made several transfers between November 4 and December 5. The victim subscribed to the Capital Small Finance Bank IPO. He also discussed a share repurchase. His accrued transfers were over 1.2 crores. He utilised various bank accounts and UPI.
Account Frozen: The Final Betrayal
The victim attempted to pull out his balance. The conman insisted on a 20 per cent fee. They subsequently permanently blocked his account. He realised he had been duped.
On Friday, the victim went to the Cyberabad cybercrime police. On the basis of his complaint, a case was registered by the police. It is a case in Sections 318(4), 319(2), 336(3), 338 and 340(2). It is read along with Section 3(5) of the Bharatiya Nyaya Sanhita. Section 66-D of the IT Act is also applicable.
Investors have been advised by cybercrime experts to check platforms. They recommend the verification of regulatory approvals prior to investment. False credentials and assurances of returns are common with fraudsters. Any suspicious activity to the victims should be reported to the cybercrime authorities as soon as possible.
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