A Contractor Lost ₹3.25 Crore in An Investment Scam Where He Was Promised High Returns

A Contractor Lost ₹3.25 Crore

A Contractor Lost ₹3.25 Crore in An Investment Scam Where He Was Promised High Returns

Cybercriminals devised a counterfeit website and application, deceiving a contractor into falling victim to an intricate investment fraud, resulting in a loss of ₹3.25 crore. Authorities are conducting an investigation into the enterprise that spans multiple states.

Pune:  A contractor in Wakad, Pune, has been defrauded of an astonishing amount of ₹3.25 crore by cybercriminals who impersonated agents of a renowned online stockbroking company.  The intricate fraud scheme entailed the creation of a counterfeit website and mobile application, enticing the target with enticing offers of substantial profits from investments in two imminent initial public offerings (IPOs).

The unidentified victim, seeking to invest in IPOs, inadvertently encountered the counterfeit website via an online search.  Assuming its authenticity, he reached out to the phone number provided on the website and was connected with a woman who pretended to be a financial advisor.

The woman, assuming the role of an amiable and supportive counselor, persuaded the victim to initially invest ₹10 lakh.  The individual proceeded to transfer funds to a bank account offered by the fraudulent individuals and furthermore installed a counterfeit application that exhibited a deceptively authentic investing portfolio.

Driven by the allure of substantial profits, the individual, who eventually became the victim, proceeded to execute an additional 15 financial transactions within the following weeks, amounting to a total of ₹3.15 crore.  The app, intentionally created to mislead, consistently refreshed with exaggerated numbers, displaying a sum of ₹8 crore as the amount owed to the victim.

Upon the victim’s endeavor to retrieve his funds, he encountered disillusionment.  The application was incapable of processing withdrawals, and his efforts to communicate with the “financial consultant” were met with complete silence. Upon becoming aware of the scam, the victim proceeded to the Wakad police station and lodged a formal report.

Preliminary inquiries have disclosed that the funds were transferred to bank accounts spanning various states, namely Tamil Nadu, Andhra Pradesh, Telangana, and Gujarat. These findings indicate the presence of a highly structured cybercriminal organization that operates across different states.

The Wakad police have released a warning advising individuals to exercise caution regarding internet fraud and to carefully authenticate the credibility of investment platforms beforemaking financial transactions. The victim has been guaranteed a comprehensive investigation and the authorities are resolute in their commitment to apprehend and prosecute the culprits.

About The Author:

Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space.  Besides writing for the News4Hackers blog, he’s also written for brands including CollegeDunia, Utsav Fashion, and NASSCOM.  Naager entered the field of content in an unusual way.  He began his career as an insurance sales executive, where he developed an interest in simplifying difficult concepts.  He also combines this interest with a love of narrative, which makes him a good writer in the cybersecurity field.  In the bottom line, he frequently writes for Craw Security.


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