Bizman loses Rs. 2.96 cr. in city’s biggest cyber heist
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Bizman loses Rs. 2.96 cr. in city’s biggest cyber heist

June 22, 2024

Another four victims from city lost Rs. 20 lakh on June 21

Mysore/Mysuru: In the biggest cybercrime reported in Mysuru to date, a businessman lost Rs. 2.96 crore to online fraudsters. Following the serious crime, the Police have advised the public to be aware of the investment scam and asked them to avoid suspicious links, WhatsApp calls and messages from unknown numbers.

Sources from the Cybercrime, Economic Offences and Narcotics (CEN) Police Station revealed that the businessman, whose name is withheld per the City Police Commissioner’s directive, lost the money through online trading.

Police reported that, the 30-year-old resident of the city invested heavily in stock trading and online trading, where cybercriminals obtained his bank and financial details. The businessman voluntarily shared this confidential information, trusting messages sent by fraudsters through an online trading and messaging app.

This morning, he discovered that Rs. 2.96 crore had been wiped off from his bank accounts. He complained to the CEN Police Station, and efforts are underway to trace the criminals.

Police told Star of Mysore that most cyber fraud incidents involved fake trading apps, loan apps, gaming apps, dating apps and algorithm manipulation. Yesterday alone, four cyber fraud cases were registered in the city, with victims losing Rs. 20 lakh to online trading. In these cases, confidential bank data was systematically obtained, and money was withdrawn.

Police noted a disturbing trend where highly educated individuals, including doctors, engineers and IT/BT professionals, are falling for these well-coordinated traps. Despite good salaries, the lure of easy and quick money makes these educated individuals vulnerable, an officer explained.

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In this online trading scam, victims see advertisements for free trading tips on social media platforms like Facebook, Instagram, WhatsApp or Telegram. Clicking the ad redirects them to an unknown WhatsApp group. Fraudsters in these groups persuade victims to invest by offering free trading tips for buying and selling stocks.

After a few days, victims are asked to install trading apps provided by the fraudsters, promising further guidance and huge profits. The victims then trade stocks based on these recommendations, depositing money into bank accounts specified by the fraudsters. Fake profits are displayed in the digital wallet.

When victims try to withdraw their ‘profit,’ they are told they must reach around Rs. 50 lakh or more in profits to do so. Believing this is company policy, they continue to invest as instructed. Eventually, they are asked to pay a tax on the profits. If they refuse, all communication ceases and they are blocked, realising they have been scammed.

Note: Justice N. Santosh Hegde is never tired of telling people to abjure greed and be content with what one has.—Ed


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