Elderly man loses Rs 71 lakh in online fraud

Thiruvananthapuram: Unidentified persons have defrauded a 60-year-old Menamkulam native of Rs 71.75 lakh after offering lucrative returns in online trading.
The victim was first contacted by the fraudsters on WhatsApp in Dec last year, sharing precise information about online trading and vast opportunities for making money. The victim, who was experienced in trading, was impressed by the tips they provided.He initially invested a small amount and received returns on time.
As per the instructions of the fraudsters, he downloaded a mobile application that allowed him to check the investment and the profits earned.
Impressed by this the victim started investing higher amounts, and the profit generated appeared on the site. The man invested various amounts 12 times until Jan 10 this year.
The fraudsters did not allow him to withdraw the profit at any time, citing technical reasons, and the accused kept urging him to invest more.
After failing to withdraw the profit shown on the site, the victim approached the city cyber police with a complaint. "The amounts were transferred to seven different bank accounts, and the case has been registered against eight unidentified persons, including the person who contacted him on WhatsApp," said the police.
The case was registered under sections of the Bharatiya Nyay Sanhita 318 (4) for cheating, 319 (2) for cheating by impersonation, 336 (2) for forgery, 336 (3) forgery for the purpose of cheating, and 340 (2) for fraudulent use of a forged document, and 66 (D) of the Information Technology Act.