Investment Scams Rise in Vizag: Educated Individuals Most Affected
Cyber Investment Scams Soar in Vizag
Visakhapatnam, also known as Vizag, has witnessed a significant surge in cyber investment scams, primarily targeting well-educated and financially savvy individuals.
Modus Operandi
The modus operandi employed by scammers involves creating fake profiles on platforms like WhatsApp and Telegram, posing as financial advisors or investment experts. They lure victims into investing in seemingly legitimate trading platforms or investment groups, initially showing them small profits to build trust.
Financial Losses
Victims have reportedly lost over ₹1 crore each, highlighting the scale and severity of the issue. Collective losses are estimated to range from ₹15 crore to ₹20 crore.
Law Enforcement Challenges
Awareness Campaigns
Despite awareness campaigns, the number of victims continues to rise, with authorities estimating that cyber fraud losses in the city surpassed ₹28 crore in the first quarter of 2026, with investment scams accounting for a significant portion of this amount.
Public Urged to Exercise Caution
Law enforcement agencies urge the public to exercise caution when receiving unsolicited investment advice and to thoroughly verify any platform or investment opportunity before committing resources.
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