Mysuru: The incidence of online investment fraud in Mysuru has surged, with more than two dozen residents suffering substantial financial losses in the past eleven months.
According to cyber police, some victims lost amounts exceeding Rs 1 crore each. Mysuru City police's cyber unit emphasises that public awareness is crucial in combating cybercrimes, urging citizens to exercise caution during online monetary transactions.
Assistant commissioner of police, cyber crimes, N Sneharaj, told STOI that despite ongoing public education about various online frauds, people continue to fall victim. Perpetrators target investors online and prevent them from immediately contacting police by buying time after promising them fund recovery and by requesting additional money as tax to return the proceeds or profits.
The officer revealed that approximately 30 individuals lost money through online investment and trading schemes in Mysuru during the year. In one case, a resident was deceived of nearly Rs 3 crore through a fraudulent online investment scheme.
Public awareness remains essential in preventing cybercrimes. Victims' numbers are typically included in WhatsApp groups once they click suspicious online links, where fraudsters post deceptive messages about investment benefits. Victims subsequently transfer money to specified bank accounts, whilst being shown fabricated growth charts suggesting profitable returns, the ACP explained.
According to police, a 70-year-old pensioner lost Rs 13.7 lakh after accessing an investment link. The fraudsters added him to a WhatsApp group and collected his investments. They falsely showed his investment growing to Rs 30 lakh, but the fraud was discovered when his withdrawal attempts failed, and his queries didn't get proper responses.
Similarly, between June and Aug, a 59-year-old retiree lost Rs 1 crore through a deceptive trading application. After making multiple deposits, he realised the fraud when he was unable to withdraw his funds. Additionally, the tricksters started demanding 10% money towards tax to reap the benefits. The man and his daughter equally invested the money in the scheme.
An officer noted that delayed crime reporting, sometimes months after the incident, complicates the process of tracking down perpetrators.