Retired officer duped of Rs. 1.10 crore in fake stock market fraud

Mysore/Mysuru: In three separate cybercrime incidents involving stock market investment fraud, mobile hacking and a fake credit card offer, unsuspecting residents, including a retired officer, lost nearly Rs. 1.20 crore. All three cases have been registered at the City’s Cyber Economic and Narcotics (CEN) Police Station.

In the first case, a retired officer from Vidyaranyapuram was duped of Rs. 1,10,04,600 by fraudsters operating through a WhatsApp group named “Stock Market Think Tank.”

Police said the victim was convinced by online references to IIFL Invesco Stock Market Company and repeatedly invested money after being persuaded by a woman identified as Tina Mallotha.

Over time, he transferred more than Rs. 1.10 crore to bank accounts shared in the group. The fraud came to light when he tried to withdraw the money and was asked to pay additional brokerage charges.

Suspecting foul play, he contacted the cybercrime helpline 1930 and later lodged a complaint with the CEN Police.

In another case, cybercriminals hacked the mobile phone of a resident of Gokulam 2nd Stage and siphoned off Rs. 5,37,736 through seven unauthorised transactions.

The victim discovered the fraud after checking his PhonePe account balance and noticing the illegal transfers. He subsequently filed a complaint with the CEN Police Station.

In the third incident, a pensioner from LIC Colony in Srirampura lost Rs. 5 lakh after fraudsters posing as representatives of ‘BI Card’ contacted him through WhatsApp, promising to provide a credit card.

They sent him an APK link resembling the SBI YONO app. After he clicked on the link, multiple OTP messages began arriving on his phone, following which Rs. 5 lakh was transferred from his account to other accounts. He too approached the CEN Police Station.

Police said retired persons were specifically targeted in two of the three cases. While one victim lost over Rs. 1.10 crore in a fake stock market investment scheme,and another was cheated through a fraudulent credit card offer. The third victim lost money after his mobile phone was hacked.

Despite repeated awareness campaigns, cybercriminals continue to target unsuspecting citizens, including educated individuals, through increasingly sophisticated online scams.