A Mumbai-based investor was duped out of ₹4.56 crore in cyber fraud on Instagram.

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cyber fraud on Instagram

A Mumbai-based investor was duped out of ₹4.56 crore in cyber fraud on Instagram.

Mumbai:  An instance that served as a sobering reminder of the escalating menace of cybercrime involved a Mumbai woman who lost in excess of ₹4.56 crore to an Instagram-enabled advanced stock market investment scam.

cyber fraud on Instagram

Captivated by an optically appealing promotional hyperlink, the unsuspecting individual became entangled in an intricately designed web of deceit. Upon failing to withdraw any accumulated profits, the fraudster came to his or her senses.

An unsolicited Instagram advertisement marketing a share market investment platform sparked the narrative. Motivated by the potential for substantial gains, the woman, whose real name is withheld for reasons of security, made the decision to undertake the endeavor.

The apparently considerable profits from the initial investments strengthened her conviction in the fraudulent scheme. However, concerns began to arise when she tried to take out a portion of the capital she had invested. She was immediately denied her request, which exposed the unsightly reality that lay beneath the enticing deception.

The woman, undeterred by her initial astonishment, arrived at the Bandra-Kurla Complex (BKC) Police Station in a timely manner, carrying evidence of the online scam. In light of the critical nature of the situation, the authorities promptly commenced an inquiry.

cyber fraud on Instagram

Upon deciphering the intricate financial logjam, the Cyber Cell ascertained that a substantial proportion of the pilfered funds – an approximation of ₹70-80 lakh –had been secreted off via a network of bank accounts situated in diverse geographical areas.

As a prompt retaliation, the Mumbai Police Cyber Cell initiated communication with all institutions implicated, successfully stifling the further pilfered funds. The aforementioned resolute action was crucial in the ultimate recuperation of ₹3.80 crore, providing a glimmer of optimism and underscoring the effectiveness of timely reporting in the fight against cybercrime.

In anticipation of the possibility of comparable occurrences, the Mumbai Police proactively promoted attentiveness and prompt response by establishing a specialized helpline—1930. By granting victims the ability to promptly report cyber fraud, this initiative has the potential to accelerate the investigation and recovery procedures. The importance of promptly reporting such incidents was underscored by the police, as doing so substantially improves the probability of recovering misappropriated funds.

Senior officials affiliated with the Cyber Cell provided reassuring statistics, disclosing that the cell receives multiple reports of cyber fraud on a daily basis and has achieved an astounding 95% success rate in recovering pilfered funds. They emphasized the critical importance of victims reporting incidents immediately, reassuring them of prompt and committed assistance on their behalf.

It is catastrophic to fall victim to a cyber deception similar to the one in the news. Key precautions to take in order to avoid falling victim to similar investment schemes are as follows:

Prior To Investing

  • Verify legitimacy:
    • Platforms: Conduct extensive research on the investment platform. Licenses, registrations, and online reviews should all be verified. Ensure you are wary of unprofessional websites, excessive publicity, and returns that are not guaranteed.
    • Offers: Be wary of investment offers that are not solicited, particularly those that are distributed via social media or unsolicited emails.
    • People: If an individual approaches you directly, confirm their affiliations and credentials. It is unwise to make investments exclusively relying on personal recommendations.
  • Try To Get One-on-One Advice: It is advisable to seek the guidance of a reputable wealth manager or financial advisor prior to finalizing any investment choices.
    cyber fraud on Instagram
  • Start small: Start with a modest quantity in order to evaluate the legitimacy of the platform and gauge its performance prior to committing larger capital.

Protect Your Data

You always need to secure your datasets from reaching any wrong hands that can harm the integrity of your sensitive details via any means.  Hence, you always ought to exercise safe practices, such as the following:

  • Exercise caution when using links: Links in unsolicited emails and social media messages, particularly those promising quick wealth, should not be clicked. Phishing attempts to acquire your financial information are a possibility.
  • Strong passwords: For all online accounts, use robust, unique passwords, particularly those associated with finances. Two-factor authentication should be enabled for added security.
  • Avoid using public Wi-Fi: It is advisable to restrict financial transactions from public Wi-Fi networks due to their heightened susceptibility to malware.

In case you suspect a scam, do the following activities:

  • Stop the Usage Immediately: It is likely that something that seems unusual or too wonderful to be true is. All communications with the platform or individuals implicated should be discontinued.
  • Report the scam: Pitch the authorities without delay. Cybercrimes can be reported via the National Cyber Crime Reporting Portal (https://cybercrime.gov.in) or the cyber crime police helpline (1930) in India.
  • Collect evidence: Documents, screenshots, and communication logs pertaining to the fraud should be preserved to assist the investigation.

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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