HIGHLIGHTS

The fraudsters uncovered that the complainant had invested Rs 50 lakh in the stock market, which ultimately ballooned to Rs 12 crore.

Using this crucial information, they fabricated a persuasive narrative, calling him and accusing him of being involved in illicit activities.

Impersonating officials from the police, customs, and the Enforcement Directorate (ED), the scammers issued a chilling warning to Kumar of imminent arrest if he failed to comply.

In today’s digital era, scams are evolving at an alarming rate, and even the most careful individuals can find themselves ensnared in a web of deceit. A prime example of this is a Bengaluru-based tech professional, Vijay Kumar, who experienced the devastating aftermath of a sophisticated scam. He lost a staggering Rs 11 crore to con artists posing as government officials who coerced him into compliance with threats of arrest linked to a fictitious money laundering investigation.

The scammers, having conducted their research, learned about Kumar’s financial situation. They discovered that he had invested Rs 50 lakh in the stock market, an investment that had impressively grown to Rs 12 crore. Armed with this sensitive information, they devised a convincing strategy. They called Kumar and accused him of engaging in illegal financial activities.

Under the ruse of being law enforcement agents, including officials from the police, customs, and the ED, they created a facade of authority. They ominously warned Kumar of immediate arrest if he did not cooperate fully. In an effort to resolve the dire situation, Kumar unwittingly divulged his personal information, which included his Aadhaar number, PAN, and KYC details, falling directly into the hands of these fraudsters.

For additional context, you can also read about a Ludhiana man who lost Rs 14.9 lakh in a smart health card scam.

Over an extended period, these fraudsters managed to siphon off funds from nine different bank accounts, claiming that this was a necessary step in an official procedure to clear Kumar’s name. In total, they executed a fraudulent operation that led to the theft of a staggering Rs 11 crore.

Upon comprehending the magnitude of the fraud, Kumar took the crucial step of approaching the Cyber Crime police for assistance. The investigation that ensued yielded a trail of evidence that linked Rs 7.5 crore to a specific bank account located in Allahabad. Following this lead, law enforcement traced the funds to Surat, where they learned that a portion of the money had been used to purchase gold by one of the fraudsters involved.

For another instance of this troubling trend, you might want to check the story of a Delhi man who fell victim to Rs 9 lakh theft by impersonating electricity department officials.

How to Avoid Such Scams

• Verify Claims: Always double-check any claims made to you by consulting official government websites or reaching out to relevant offices.
• Avoid Sharing Personal Data: Never disclose sensitive information such as your Aadhaar, PAN, or banking details over the phone.
• Stay Calm Under Pressure: Be wary of scammers who create a sense of urgency. Take the necessary time to verify the information before you take any action.
• Report Suspicious Calls: If you suspect that you are encountering fraud, immediately report it to the Cyber Crime department.