An online investment opportunity that appeared to be a quick way to make daily profits turned into a costly nightmare for a Chandigarh resident who lost more than Rs 15 lakh in an elaborate scam. The incident demonstrates how cyber fraudsters exploit trust and greed by creating fake trading platforms and employing convincing tactics. Here's everything you should know.
Key Highlights
- Bhanu invested ₹10,999 after a Telegram message, initially got ₹15,000 profit, kept investing high.
- Total loss reached ₹15.17 lakh; when trying withdrawal, scammers demanded ₹2.44 lakh verification fee—no payout.
Telegram message promised easy daily returns
Bhanu, a resident of Sector 14 in Chandigarh, discovered the fraudulent scheme on June 3 after receiving a Telegram message from a man named "Prashanth Sree." The sender claimed he could help Bhanu earn daily returns of Rs 3,000 to Rs 5,000 using a trading platform for an initial investment of Rs 10,999. Bhanu was tempted by the offer and made the deposit. Within a short period of time, he saw a profit of Rs 15,000 credited to his account, which convinced him the platform was legitimate. The initial "payout" was the hook.
Bigger investments, bigger promises
Encouraged by the returns, Bhanu began investing larger sums. The scammers further enticed him by mentioning a "special event" that promised even higher earnings. In the following weeks, Bhanu transferred a total of Rs15.17 lakh in multiple transactions. However, when he attempted to withdraw his profits, the story changed. The platform demanded an additional Rs2.44 lakh as a "verification fee" before releasing the funds. Bhanu paid the amount, believing he was about to receive a windfall, but no money was returned. The once-convincing apps and dashboards turned out to be fake interfaces created solely to build trust before the scammers vanished.
Also Read: Gujarat Doctor Falls Victim to Rs 19 Cr 'Digital Arrest' Scam in 102 Days
Police investigation is underway
When he realized he had been duped, Bhanu filed a complaint with the Cyber Crime Police Station in Sector 17. A case has been filed, and investigators are currently tracing the bank accounts involved in the fraud. So far, the culprits have not been identified.
This is not the first time an incident like this has occurred. Just last month, a 47-year-old software engineer from Hyderabad lost over Rs 1 crore in a similar scam. The fraudsters used Instagram ads and WhatsApp groups to display doctored screenshots of "other investors" making large profits. By the time the victim realised it was a scam, the perpetrators had shut down the fake app and vanished.
Experts warn against the "too good to be true" offers
According to cyber experts, such scams typically start with small, quick payouts to gain trust before progressing to larger deposits with the promise of high returns. When victims attempt to withdraw funds, scammers demand additional fees, trapping them even further. To combat the growing threat of online investment scams in India, authorities have urged citizens to exercise caution, avoid unverified investment offers on social media, and report suspicious activity as soon as possible.
