The New Scam That Cost a Bengaluru Engineer
Bengaluru Engineer Falls Victim to Rs 6.4 Crore Investment Scam, Promised 700% Returns
A 52-year-old engineer from Bengaluru was duped into losing Rs 6.4 crore after falling for an investment scam that promised 700% returns. The scammers, posing as representatives of a fake American firm, manipulated the victim into making a series of investments through social media ads and WhatsApp.
Bengaluru Man Scammed of Rs 6.4 Crore in Fake Stock Trading Scheme
Vishwanath (name changed) was initially drawn to an ad for the International Equity Fund on Facebook. The ad claimed to be from a legitimate Delaware-based firm operating as a Foreign Portfolio Investor in India. The high returns advertised by the scammers enticed Vishwanath, leading him to engage with them.
Once in touch, the victim was added to a WhatsApp group, where the scammers continued to lure him into investing more money. With fake portfolio updates and false guarantees of large profits, the scammers convinced Vishwanath to take loans to increase his investments. Eventually, he was left with no money when the platform disappeared.
Scammers Use Social Media Ads and WhatsApp Groups to Lure Victims into Fraud
The fraudsters relied heavily on social media platforms, particularly Facebook, to promote their fraudulent schemes. After attracting potential victims through targeted ads, they used WhatsApp groups to create a sense of trust and urgency, encouraging the victims to invest large amounts.
Unveiling the Scam: How the Fraudulent International Equity Fund Duped Investors
The fraud was cleverly designed to seem legitimate. The scammers created fake documents, phony testimonials, and even offered regular updates on investments, all while promising sky-high returns. This complex scheme deceived not only the victim but also many others who may have fallen for similar scams.
Investigation Underway: Authorities Aim to Track Down the Scammers Behind Rs 6.4 Crore Fraud
The police have launched an investigation into the fraud, aiming to track down the International Equity Fund scammers. However, as the money trail is digital and complex, the authorities face a difficult challenge in recovering the funds.
The Rs 6.4 crore scam affecting a Bengaluru engineer is a cautionary tale of how easily people can fall for online investment schemes. As scams continue to rise, it’s vital for the public to be aware of these fraudulent schemes and exercise caution when investing online.
