Representative image of a hacker.
Credit: iStock Photo
Mangaluru: Mangaluru Commissioner of Police Sudheer Kumar Reddy C H on Thursday advised investors not to fall for attractive online advertisements promising high returns, fake SEBI certificates or fake demat accounts.
"Even educated people were increasingly falling victim to online investment, trading and money-doubling scams," he told mediapersons at Commissioner's office on Thursday. The accused men operating from Cambodia and Dubai contacted Indian citizens through unknown WhatsApp numbers and social media platforms such as Instagram, Telegram and Facebook, promising high returns. Fake apps were used to show inflated profits. Initially, small returns were paid to build trust and later victims were persuaded to invest larger amounts in order to withdraw their money.
"The gang was cheating Indian investors between Rs 60 lakh and Rs 1 crore every day through such investment frauds," Commissioner said. Those who provide bank accounts for commission will also be treated as accused, police warned. As the main operators remain abroad, account providers are often arrested first under the law. Police explained that recovery becomes difficult as fraudsters convert money into cryptocurrency and transfer it abroad on the same day. Delay by victims in reporting fraud also reduces the chances of recovering the amount.
Reddy warned youth on not to be lured by fake job advertisements and agents. Victims were often taken abroad on tourist visas, their passports seized, and forced to work in unknown locations. They were compelled to speak to innocent investors in their mother tongue and cheat them.
In Dakshina Kannada district alone, six persons had been rescued from such cyber slavery, and cases had been registered based on their complaints, he added. Police urged citizens to immediately call 1930 and lodge a complaint at the nearest police station within one hour of detecting fraud. They also cautioned against fake loan apps, online games, fake job offers, APK files, suspicious links, sharing OTPs, and fake video calls impersonating police, CBI, judges, customs, SEBI or TRAI officials.