Investment Scam : A businessman in Bangalore has lost Rs 5.2 crore through sophisticated online stock investing.
Online stock investment scams are rampant in India. In the past few months alone, hundreds of individuals in our country have lost millions in such scams. Similarly, a few days ago a 52-year-old businessman in Bengaluru lost Rs 5.2 crore in such a scam.
On March 11, the affected businessman Sarat received a text message on WhatsApp. It was to download an app from bys-app.com to generate profitable stock market returns. But he ignored it without clicking. Later he was added to Y-5 Ever Core Financial Leader WhatsApp group.
The affected businessman Sarath also ignored it. Also, as the fraud gang did not receive any response from him, they called him several times from unknown numbers and encouraged him to download the app. Although he hesitated at first, Sarath finally decided to give it a try and downloaded the app.
By last April-2nd, the fraudster showed some false bank accounts and convinced him to invest money in those accounts little by little and made him invest a total of Rs.5.2 crores. A few days later, when the victim tried to withdraw some of his profit, the fraudsters refused.
Only then did he realize that he had been cheated by a fraud gang. After that he lodged a complaint with the Bengaluru Police Department. Based on that, the police have registered a case under the FIR and IT Act and are actively investigating the matter.
