Active Stocks
Mon May 27 2024 15:59:11
  1. Tata Steel share price
  2. 175.50 0.40%
  1. NTPC share price
  2. 369.60 -1.40%
  1. State Bank Of India share price
  2. 834.10 0.66%
  1. HDFC Bank share price
  2. 1,527.95 0.75%
  1. ICICI Bank share price
  2. 1,129.15 -0.19%
Business News/ News / Trends5.2 crore gone in a click: Bengaluru man conned by online fraudsters via WhatsApp
BackBack

₹5.2 crore gone in a click: Bengaluru man conned by online fraudsters via WhatsApp

A Bengaluru businessman, new to stock market trading, lost a staggering ₹5.2 crore in an online scam. He fell prey to cybercriminals who convinced him to download a fraudulent mobile app promising high returns via WhatsApp.

A victim of stock investment fraud has recently lost ₹5.2 crore in Bengaluru. (Representative Image)Premium
A victim of stock investment fraud has recently lost 5.2 crore in Bengaluru. (Representative Image)

Online stock investment frauds are becoming rampant in India and thousands of people have lost lakhs of rupees in the past few months. In a recent case of an online scam on WhatsApp, a Bengaluru businessman lost a whopping 5.2 crore after clicking on a link to download an app.

The 52-year-old Jayanagar resident, who was new to stock market trading, became a victim of a sophisticated cybercrime.

The businessman was tricked into downloading a fraudulent mobile application on WhatsApp by unknown individuals who promised opportunities for “high-return investments".

According to a Times of India report, the victim received a WhatsApp message on March 11 promising lucrative returns, along with a link. The link directed him to download an app from "bys-app.com".

Though he had initially ignored the message, as per the report, he was subsequently added to a WhatsApp group named "Y-5 Ever Core Financial Leader". The WhatsApp group had nearly 160 members.

However, he continued to ignore the messages.

The fraudsters, on seeing no response from him, started spamming him with calls from unknown numbers. They were persistently urging him to click on a ‘download the app’ link to gain returns from the stock market.

The businessman finally gave in hesitantly, thinking that it was a legitimate opportunity.

On downloading the app, the businessman was presented with multiple investment opportunities along with different bank accounts for transferring money to "invest in the stock market".

The accounts, however, were controlled by the scammers in a ploy to steal money in the name of investments.

By April 2, the victim had fallen prey to the fraudster's false assurances and transferred 5.2 crore into the bogus accounts.

He first realised that it was all a scam when he attempted to withdraw the profits or even a part of his principal investment but was refused.

He then filed an FIR under the IT Act. The report said the authorities are actively investigating the matter.

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 24 Apr 2024, 06:53 PM IST
Next Story footLogo
Recommended For You