₹17 Crore Cyber Heist: Realtor Loses Big to Fake App Scam

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Faridabad Property Dealer Loses ₹17 Crore in Sophisticated Cyber Investment Scam

A Faridabad property dealer has fallen victim to a sophisticated cyber investment scam, losing ₹17 crore over a period of seven months.

The Scam

The scam, which was carried out by individuals posing as stock traders and investment advisors, involved the use of a fake investment app that displayed false profits to lure the victim into investing more money.

According to police, the victim sold a plot of land for ₹20 crore in August last year and soon after received a message offering high-return investments in the stock market and initial public offerings (IPOs).

The fraudsters convinced the victim to invest in their scheme, and he subsequently transferred funds into at least 38 bank accounts across the country.

The fake investment app, which was used to facilitate the scam, displayed phantom profits to the victim, prompting him to invest more money. However, when the victim tried to withdraw his principal investment and profits, he was unable to access the funds.

Investigation and Aftermath

Investigations revealed that the fraudsters had converted the funds into cryptocurrency and transferred them out of India. The police have launched a nationwide probe into the scam and have mobilized at least 20 teams to track down the accused.

The Faridabad police public relations officer stated that raids are being conducted at various locations to apprehend the suspects. An FIR has been filed, and the police are urging victims of similar scams to come forward and report their cases.

Cybercrime experts have warned that such investment scams often rely on social engineering tactics, where fraudsters gain the trust of investors and trick them into transferring money. They advised victims to immediately contact the police and avoid making any further payments to the scammers.

The police are also cautioning the public to be vigilant when investing in the stock market and to verify the authenticity of investment schemes before investing. They are also urging people to be cautious when receiving unsolicited investment offers and to report any suspicious activity to the authorities.

Conclusion

The case highlights the growing concern over investment scams in India, where fraudsters are using sophisticated tactics to cheat investors out of their money. The police are working to crack down on such scams and bring the perpetrators to justice.