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In a recent case of cyber fraud, a 52-year-old Bengaluru businessman, identified as Sharath (name changed), residing in Jayanagar, Bengaluru fell victim to a scam involving the stock market, resulting in a loss of Rs 5.2 crore, according to a report.

Sharath, ToI reported, who serves as the director of a private firm, filed a complaint with the cybercrime police on April 8, detailing the events that led to his financial loss.

The ordeal began for Sharath when he received a seemingly suspicious WhatsApp message on March 11, promising lucrative returns through investments in the stock market. The message contained a link to a website, Although Sharath refrained from clicking on the link, he found himself added to a WhatsApp group named “Y-5 Ever Core Financial Leader,” with approximately 160 members.

“Subsequently, Sharath received calls from unfamiliar numbers, urging him to download the application by clicking on the provided link. Initially hesitant, Sharath eventually succumbed to the persuasion and downloaded the application, initiating into stock market investments,” states TOI.

Over the following weeks, Sharath transferred a staggering sum of Rs 5.2 crore to five separate accounts provided by the fraudsters, believing that his funds were being invested in the stock market as promised. Despite his initial reservations, Sharath trusted the scammers’ assurances and continued to invest more money.

However, on April 2, Sharath’s suspicions were aroused when he attempted to withdraw profits and reinvest a portion of his funds, only to be met with resistance from the perpetrators. It was then that he realised he had fallen victim to a scam staged by cybercrooks.

Law enforcement authorities have initiated legal proceedings under the IT Act in response to Sharath’s complaint, as per ToI reports, and are conducting a thorough investigation into the matter.

Efforts have also been made to freeze the accounts linked to the fraudsters with the assistance of bank nodal officers, raising hopes of recovering at least a portion of the defrauded funds.

The incident serves as a stark reminder of the ever-present threat posed by cybercrime, highlighting the importance of vigilance and skepticism when engaging in online transactions, particularly in volatile financial markets.

As investigations continue, authorities advise the public to exercise caution and refrain from sharing personal or financial information with unknown individuals or entities, thereby safeguarding themselves against potential scams and fraudulent activities in the digital realm.

  • Published On Apr 22, 2024 at 04:07 PM IST

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