Bengaluru techie duped of Rs 23 lakh in fake Paytm Money investment scam

“I borrowed Rs 9 lakh through loans and paid, but when I tried to withdraw my funds, they demanded that I first repay the entire Rs 35-lakh loan,” the techie said.

Bengaluru: A software engineer from eastern Bengaluru has lost Rs 23 lakh after falling prey to cybercriminals who impersonated Paytm Money in a fake investment scheme.

The 40-year-old techie, Shantanu S (name changed), told the police that he was randomly added to a WhatsApp group claiming links with Paytm Money Limited.

“The group members appeared to be participating in block trades and receiving substantial profits. I observed their activities and, after researching block trades online, I decided to begin with a small investment of Rs 20,000,” he told the police.

He was directed to a fake website where he registered and shared KYC details, unaware that he was being cheated. “I was persuaded to invest larger amounts, including subscribing to IPOs that promised 160% profit,” he said.

He was later told that he had been allotted shares worth Rs 74 lakh and was asked to complete the subscription or risk a default, loss of credit score, and legal action.

As he could not afford the amount, the scammers offered an “interest-free” loan of Rs 35 lakh if he paid Rs 9 lakh upfront.

“I borrowed Rs 9 lakh through loans and paid, but when I tried to withdraw my funds, they demanded that I first repay the entire Rs 35-lakh loan,” he said.

Shantanu then visited what he believed was the Paytm Money office on Sarjapur Road, only to discover that the company offered no such schemes.

He approached the East Cybercrime Police on October 9 and registered a
complaint.

Retiree loses Rs 17.95 lakh under digital arrest

In a separate case registered by East Cybercrime Police on October 16, a 67-year-old retiree from Cox Town was cheated of Rs 17.95 lakh after being held under “digital arrest”.

The fraudsters told him that his credentials were linked to money laundering involving the banned Popular Front of India (PFI). They also showed fake FIR copies and Supreme Court orders while impersonating Mumbai Police officials.

He was kept under digital arrest for three days and forced to transfer the money “for investigation purposes”, police said.