A Bengaluru businessman lost ₹5.2 crore due to online stock investment fraud in India, which has caused thousands to lose lakhs in recent months. The 52-year-old Jayanagar business, which is new to stock market trading, has been the target of sophisticated cybercrime.
Unknown individuals duped the businessman into downloading a bogus mobile application on WhatsApp after promising him "high-return investments".
According to a credible story, the victim received a WhatsApp message on March 11 that promised big returns and included a link. The link instructed him to download an app from "bys-app.com".
He originally ignored the communication, according to the article. He was then admitted to a WhatsApp group called "Y-5 Ever Core Financial Leader". The WhatsApp group has approximately 160 members. However, he continued to disregard the advances.
After receiving a response, the fraudsters began pestering him with calls from unknown numbers. They kept pressing him to click on the link to download the app and profit from the stock market.
The businessman eventually gave in, hesitantly believing it to be a serious offer.
When the businessman downloaded the app, he was offered with a variety of investment choices as well as various bank accounts for transferring funds to "invest in the stock market".
However, the scammers controlled the accounts in order to steal money under the guise of "investing" it. On April 2, the victim placed ₹5.2 crores into fictitious accounts due to the fraudster's fraudulent guarantees.
He first realized it was all a scam when he tried to withdraw the winnings or even a portion of his original investment but was turned down. He then filed a FIR under the Information Technology Act. According to the article, authorities are actively examining the incident.
