Engineer loses Rs. 90 lakh to fake trading app scam
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Engineer loses Rs. 90 lakh to fake trading app scam

May 13, 2024

Mysore/Mysuru: In a concerning trend, cybercriminals are increasingly targeting not only the less educated but also highly educated individuals, exploiting new tactics to lure victims with promises of high investment returns, enticing offers in online trading and cryptocurrency ventures.

In the latest case of cyber fraud, an engineer hailing from Mysuru city fell victim to a staggering loss of Rs. 90 lakh through a fraudulent trading application. The incident came to light following a formal complaint filed at the Cyber Economic and Narcotics (CEN) Police Station in Mysuru.

According to Police, the engineer, whose identity remains undisclosed, received a message on Apr. 25 through a WhatsApp group urging him to join a platform named “cocoa209.” The message purportedly extended an invitation to engage in stock market trading, enticing participants with the promise of substantial returns through a foundation training programme.

Intrigued by the potential for financial gain, the engineer proceeded to follow instructions provided in message. He downloaded an undisclosed trading application via a link provided, subsequently being instructed to transfer funds to a specified personal bank account to initiate trading activities.

Tragically, what began as a venture into potential profits turned into a nightmare as the engineer found himself ensnared in a sophisticated cybercrime scheme. Initially investing Rs. 10,000, the engineer was enticed to further increase their investment, eventually transferring a total of Rs. 40,000.

The engineer gained a profit of Rs. 9,000 for the money he had invested. Assured of substantial returns, he invested more and eagerly awaited profits, only to realise later that he had fallen victim to a scam.

Enticed by promises of assured interest, the engineer ended up investing a staggering Rs. 79.50 lakh. As more funds were solicited for purportedly higher returns, the engineer even invested Rs. 10 lakh from his son’s account. In total, the engineer invested Rs. 89.50 lakh, the entire sum that was siphoned off from his account, leaving him in dire financial distress.

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Police have launched an investigation into the matter. The incident underscores the prevalence of online scams and highlights critical importance of exercising caution while engaging in financial transactions over digital platforms.

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