Cybercrime and Fake Gold Trading Scam Uncovered in Varanasi, India

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Varanasi Resident Loses Rs 26 Lakh to Sophisticated Online Scam

A recent case of cyber fraud has come to light in which a resident of Varanasi fell victim to a sophisticated online scam involving a fake gold investment scheme.

The victim, Praveen Kumar, lost approximately Rs 26 lakh to the scammers who posed as friends on social media and manipulated him into investing in a seemingly lucrative opportunity.

How it Happened

According to authorities, Praveen received a friend request on social media from a woman named Roshni Rai, claiming to be based in Pune. She offered to guide him in making substantial profits through gold investment and provided a link to facilitate online trading.

Initially, Praveen made small transactions, but over time, he became more confident in the woman’s guidance and invested increasingly larger sums.
The victim first transferred Rs 1 lakh to Roshni’s designated accounts and later withdrew small sums of Rs 8,000 each.

“The victim first transferred Rs 1 lakh to Roshni’s designated accounts and later withdrew small sums of Rs 8,000 each.” – Authorities

The Con

However, when he attempted to access the funds, he was informed that he needed to deposit 40% of the total amount as “risk margin money,” totaling Rs 12.10 lakh. Subsequently, he deposited an additional Rs 9,12,585 under the pretext of clearing a 30% tax.

It became apparent that Praveen had been defrauded when he was unable to access the funds despite multiple complaints to the cyber cell.
The authorities have described the case as a textbook example of digital fraud, where scammers exploited social media and links to gain the victim’s trust, systematically extracting large sums through repeated small payments.

Experts Weigh In

Experts have warned that victims often fall for the allure of online profit schemes, with criminals establishing credibility before gradually siphoning off larger amounts.

They advise extreme caution when dealing with unknown social media friend requests or unfamiliar online links before investing.

The Ongoing Investigation

The Cyber Crime Police investigation is ongoing, with authorities working to identify and apprehend the perpetrators.

In the meantime, the victim has been advised to remain vigilant regarding his accounts and any future investments.
This case highlights the growing trend of digital fraud and the importance of digital safety training, awareness, and prompt reporting of suspicious activity to curb such scams.