Rs. 4.41 cr. trading fraud: Scammers target

3 retired employees, a Government official Mysore/Mysuru: Three retired individuals and one Government employee collectively lost more than Rs. 4 crore after falling victim to a fraudulent online trading scheme. Separate cases have been registered at Cyber Economic and Narcotics (CEN) Crime Police Station in city. The victims were drawn in by flashy advertisements for online trading circulating on social media platforms. Trusting these promotions, they transferred their hard-earned savings into bank accounts operated by fraudsters. Despite repeated warnings and awareness campaigns about cyber scams, the victims failed to exercise caution and were ultimately deceived by the scammers’ convincing tactics. The total reported loss stands at Rs. 4,41,75,534. Case 1: Added to WhatsApp group A 70-year-old retired employee residing in a reputed layout near KRS Road was added to a WhatsApp group managed by fraudsters. The group frequently shared messages promoting lucrative online trading opportunities. Believing the claims, the senior citizen made multiple investments over time, amounting to Rs. 1,87,85,418. When no returns were received, he attempted to withdraw the funds — only to realise he had been cheated. Case 2: Facebook trading ad A 61-year-old retired resident of Ramakrishnanagar fell victim to an elaborate cyber scam after clicking on a Facebook advertisement promoting ‘block trading.’ The ad redirected him to a mobile application, which he downloaded and registered for by entering his personal details. Soon after, a woman, identifying herself as Yashaswini Jindal, contacted him and persuaded him to invest in block trades and IPOs. Trusting her assurances, the victim transferred a total of Rs. 1,44,64,527 to various bank accounts provided by the fraudsters. When he later tried to withdraw his investment, he was told to deposit an additional Rs. 58 lakh as a ‘security deposit’ to process the withdrawal. Despite repeated attempts and reassurances, the promised returns never materialised, and communication ceased. Case 3: Fake trading app A 34-year-old Government employee from Subramanyanagar was duped after clicking on a website link that appeared during a Google search. Out of curiosity, he downloaded a mobile application and registered by entering his phone number and bank details. The fraudsters then sent him a list of bank accounts and verification codes, instructing him to transfer funds through a specific mobile number. Tempted by promises of high returns, he transferred Rs. 87,54,589 to various accounts. Initially, he received Rs. 1 lakh as a ‘return,’ which encouraged him to invest more. However, after subsequent larger transfers, the scammers cut off all contact. When he noticed deductions from his bank account labelled as ‘fees,’ he approached the bank and realised he had been defrauded. Case 4: WhatsApp trading scam A 63-year-old retired resident of Srirampura lost Rs. 21,71,000 after clicking on a suspicious link received via WhatsApp. The link led to a fake mobile application, where he registered by entering his mobile number and bank account details. Soon after, he began receiving messages promoting high returns through ‘block trading.’ Trusting the claims, he made multiple phased investments — ultimately losing over Rs. 21 lakh to the fraudsters.

3 retired employees, a Government official

Mysore/Mysuru: Three retired individuals and one Government employee collectively lost more than Rs. 4 crore after falling victim to a fraudulent online trading scheme. Separate cases have been registered at Cyber Economic and Narcotics (CEN) Crime Police Station in city. The victims were drawn in by flashy advertisements for online trading circulating on social media platforms. Trusting these promotions, they transferred their hard-earned savings into bank accounts operated by fraudsters.

Despite repeated warnings and awareness campaigns about cyber scams, the victims failed to exercise caution and were ultimately deceived by the scammers’ convincing tactics. The total reported loss stands at Rs. 4,41,75,534.

Case 1: Added to WhatsApp group

A 70-year-old retired employee residing in a reputed layout near KRS Road was added to a WhatsApp group managed by fraudsters. The group frequently shared messages promoting lucrative online trading opportunities. Believing the claims, the senior citizen made multiple investments over time, amounting to Rs. 1,87,85,418. When no returns were received, he attempted to withdraw the funds — only to realise he had been cheated.

Case 2: Facebook trading ad

A 61-year-old retired resident of Ramakrishnanagar fell victim to an elaborate cyber scam after clicking on a Facebook advertisement promoting ‘block trading.’ The ad redirected him to a mobile application, which he downloaded and registered for by entering his personal details.

Soon after, a woman, identifying herself as Yashaswini Jindal, contacted him and persuaded him to invest in block trades and IPOs. Trusting her assurances, the victim transferred a total of Rs. 1,44,64,527 to various bank accounts provided by the fraudsters.

When he later tried to withdraw his investment, he was told to deposit an additional Rs. 58 lakh as a ‘security deposit’ to process the withdrawal. Despite repeated attempts and reassurances, the promised returns never materialised, and communication ceased.

Case 3: Fake trading app

A 34-year-old Government employee from Subramanyanagar was duped after clicking on a website link that appeared during a Google search. Out of curiosity, he downloaded a mobile application and registered by entering his phone number and bank details.

The fraudsters then sent him a list of bank accounts and verification codes, instructing him to transfer funds through a specific mobile number. Tempted by promises of high returns, he transferred Rs. 87,54,589 to various accounts.

Initially, he received Rs. 1 lakh as a ‘return,’ which encouraged him to invest more. However, after subsequent larger transfers, the scammers cut off all contact. When he noticed deductions from his bank account labelled as ‘fees,’ he approached the bank and realised he had been defrauded.

Case 4: WhatsApp trading scam

A 63-year-old retired resident of Srirampura lost Rs. 21,71,000 after clicking on a suspicious link received via WhatsApp.

The link led to a fake mobile application, where he registered by entering his mobile number and bank account details. Soon after, he began receiving messages promoting high returns through ‘block trading.’ Trusting the claims, he made multiple phased investments — ultimately losing over Rs. 21 lakh to the fraudsters.