<p>Bengaluru: A 71-year-old retired banker from RR Nagar lost Rs 2.91 crore within a month to fraudsters impersonating Franklin Templeton, a global investment management firm.</p>.<p>Ramesh M (name changed) believed he was investing with the firm during this period.</p>.<p>Ramesh told the police that on January 29, he was randomly added to ‘A7-Stock discussion group’ on WhatsApp by an unknown number.</p>.<p>Subsequently, a person identifying as Vikas Sharma in the group reached out to him and said he was employed with Franklin Templeton and teaches “technical analysis and provides stock market tips”.</p>.<p>In the group, another person named Michael Collins also gave tips for trading. This continued for the first month.</p>.Karnataka wine merchants allege massive excise scam, demand investigation.<p>After gaining his trust, Ramesh was asked to download 'Geosphere-In App' from the App Store. On February 26, the victim made his first investment of Rs 50,000. Police said the app was manipulated and used by the scamsters.</p>.<p>“The suspects used manipulated software to show the victim that his investments were making gains. This is a standard modus operandi with this type of scam, which we have seen over the last year,” a cybercrime investigator told DH.</p>.<p>Between February 26 and March 20, the victim transferred Rs 2,91,50,000 to the suspects, believing he was investing with a global firm.</p>.<p>The scam came to light when Ramesh tried to withdraw money from the app, but was asked to pay more.<br /><br />He filed a complaint with the West Cybercrime Police, and a First Information Report (FIR) was registered on March 28. Police invoked relevant sections of the Information Technology Act and the Bharatiya Nyaya Sanhita.</p>.<p>"We urge the public not to fall for such scams. It is important to properly check before choosing to invest with a person or a firm. No reputed investment firms use WhatsApp groups to share tips or approach potential investors,” a senior Bengaluru police officer told DH.</p>
<p>Bengaluru: A 71-year-old retired banker from RR Nagar lost Rs 2.91 crore within a month to fraudsters impersonating Franklin Templeton, a global investment management firm.</p>.<p>Ramesh M (name changed) believed he was investing with the firm during this period.</p>.<p>Ramesh told the police that on January 29, he was randomly added to ‘A7-Stock discussion group’ on WhatsApp by an unknown number.</p>.<p>Subsequently, a person identifying as Vikas Sharma in the group reached out to him and said he was employed with Franklin Templeton and teaches “technical analysis and provides stock market tips”.</p>.<p>In the group, another person named Michael Collins also gave tips for trading. This continued for the first month.</p>.Karnataka wine merchants allege massive excise scam, demand investigation.<p>After gaining his trust, Ramesh was asked to download 'Geosphere-In App' from the App Store. On February 26, the victim made his first investment of Rs 50,000. Police said the app was manipulated and used by the scamsters.</p>.<p>“The suspects used manipulated software to show the victim that his investments were making gains. This is a standard modus operandi with this type of scam, which we have seen over the last year,” a cybercrime investigator told DH.</p>.<p>Between February 26 and March 20, the victim transferred Rs 2,91,50,000 to the suspects, believing he was investing with a global firm.</p>.<p>The scam came to light when Ramesh tried to withdraw money from the app, but was asked to pay more.<br /><br />He filed a complaint with the West Cybercrime Police, and a First Information Report (FIR) was registered on March 28. Police invoked relevant sections of the Information Technology Act and the Bharatiya Nyaya Sanhita.</p>.<p>"We urge the public not to fall for such scams. It is important to properly check before choosing to invest with a person or a firm. No reputed investment firms use WhatsApp groups to share tips or approach potential investors,” a senior Bengaluru police officer told DH.</p>