Woman loses Rs. 87 lakh to online trading fraud

Woman loses Rs. 87 lakh to online trading fraud

January 19, 2024

Two more youths from city cheated of Rs. 32.43 lakh promising part-time jobs

Mysore/Mysuru: The online task scam, part-time job scam or online trading scam is spreading and many people in the city and nearby areas have reported losing money after falling for such offers, they received online. The scammers are contacting people through various social media platforms and duping them of lakhs on the pretext of offering an extra source of income. Ashwini, a senior LIC agent residing in Bogadi, fell victim to an online scam, resulting in a loss of Rs. 87,17,000. She lodged a complaint yesterday with the Cyber Economic and Narcotics (CEN) Police Station.

According to Ashwini’s complaint, she had received an annual commission with pending arrears from the LIC totalling Rs. 30 lakh, which she had deposited in her bank account. The scammers initiated contact with her through social media, offering a lucrative online trading and the promise to double money in her bank account.

Ashwini revealed to the Police that the scammers systematically lured her into sharing sensitive information, including her bank details, OTP, Aadhaar and other personal information, ultimately leading her into the trap. 

Using the obtained credentials, the fraudsters applied for an online loan of Rs. 25 lakh fraudulently procuring the money. Additionally, they withdrew the entire Rs. 30 lakh from her bank account. 

Online trading profits promised

In addition to the Rs. 55 lakh already in possession of the scammers, Ashwini was talked into parting with more money from October 2023 to Jan. 5, 2024. She was persuaded to invest further in online trading with the assurance of receiving an attractive sum in return. Succumbing to the promises made by the fraudsters, Ashwini systematically invested Rs. 32,17,000 during this period.

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However, as the promised returns failed to materialise and suspicions arose, Ashwini attempted to contact the scammers through the provided phone numbers. Unfortunately, these phone numbers turned out to be untraceable, making it difficult for her to establish any form of communication with the perpetrators of the scam.

In her complaint, Ashwini has raised a serious concern, alleging that the information regarding the Rs. 30 lakh deposited in her bank account was leaked. She has expressed suspicion about the possible involvement of insiders within the bank in the perpetration of the fraud. The Police are actively investigating this angle and the potential breach of sensitive financial information.

Two cheated of Rs. 32.43 lakh 

In other separate incidents, cyber fraudsters have targeted individuals with the promise of profitable job opportunities and investment returns, resulting in financial losses.

Harsha and Preethi fell victim to such scams, losing a total of Rs. 32.43 lakh. Harsha, a resident of T.K. Layout was enticed with a part-time job offer through Telegram app. The fraudsters then convinced Harsha to invest money, promising significant profits. Unfortunately, he suffered a financial loss amounting to Rs. 24.6 lakh.

Similarly, Preethi from Manasinagar was duped into investing money under the pretext of a lucrative opportunity, resulting in a loss of Rs. 7.83 lakh. In response to these incidents, both Harsha and Preethi filed complaints with the CEN Police Station. 

Speaking to Star of Mysore this morning, CEN Police Inspector said that on an average, two to three online cheating complaints are received daily. They underscore the importance of vigilance and caution when interacting online, especially in response to unsolicited job with financial offers.

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People must exercise caution and verify the authenticity of any online communication involving financial transactions, he added.


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