Fake Stock Trading Scam Made Bengaluru Techie Lose ₹44 Lakhs via Medical Emergency Message -

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“A large-scale fake stock trading scam made a techie lose lakhs via a medical emergency message.”

A 46-year-old software engineer from Horamavu lost ₹44 lakh in a startling instance of cyber fraud after falling for a phony stock trading platform. A seemingly benign Telegram message concerning a purported medical emergency was the starting point of the complex hoax.

On July 11, the victim, Jayaraj (name changed), received a message telling him to get to the hospital immediately because someone was very ill. He was not the appropriate person, he replied courteously, thinking the communication had been misdirected.

After thanking him, the sender, who identified herself as “Reeva Chauhan,” began a discussion that would ultimately result in his financial collapse.

From Light Conversation to Monetary Betrayal

Friendly conversations that began on Telegram quickly shifted to WhatsApp, where there were regular texts and even phone calls. “Reeva” gradually won Jayaraj’s trust and started pitching the concept of stock market investing. She assured him of high profits while claiming to be employed by a reputable stock trading company.

She even assisted Jayaraj in creating an account on July 31 after sharing a link to the trading website OSL Trade. Encouraged to take a chance, he made an initial investment of ₹50,000. In an effort to build confidence, scammers purposefully credited him with ₹4,950 within a few days.

The Significant Investments and Unexpected Block

Jayaraj deposited ₹20 lakh, ₹12 lakh, and ₹12.2 lakh to bank accounts supplied by the scammers in three large transactions between August 1 and September 17. He was misinformed when he saw his purported balance increase to ₹24 lakh on the platform dashboard.

The system, however, barred his effort to withdraw the money and required additional dollars to activate the transaction. Jayaraj declined to send more money because he had already spent all of his savings. Shortly thereafter, all correspondence with “Reeva” ceased.

Police Are Investigating

On September 22, Jayaraj formally complained after realizing he had been tricked and contacting the cybercrime helpline (1930). A case was filed by the East CEN Crime Police in accordance with section 318 (cheating) of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act.

Police Officials

The scammers are being tracked down, and the beneficiary accounts that were utilized in the scam are frozen. Additionally, investigators believe that the fraudulent trading platform is a component of a broader international or interstate cybercrime conspiracy.

Scams in Stock Trading Are Increasing

Experts caution that social engineering techniques and phony apps are being used more frequently in India to commit stock market fraud. Before exposing victims to phony investment schemes, scammers frequently establish emotional bonds with them.

Cybercrime officials have advised people to avoid sending large amounts of money to unidentified accounts, report suspicious online activity right away, and confirm trading platforms on SEBI’s official list of regulated brokers.

About The Author

Suraj Koli is a content specialist in technical writing about cybersecurity & information security. He has written many amazing articles related to cybersecurity concepts, with the latest trends in cyber awareness and ethical hacking. Find out more about “Him.”

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