HIGHLIGHTS

A retired officer lost over Rs 4.7 crores, lured by promises of substantial stock market profits.

Scammers built trust by enabling small transactions before cutting off further access.

The police are conducting an inquiry and warn against dubious online investment promotions.

A retired government official from Navi Mumbai has recently fallen prey to a deceptive Facebook advertisement scam. The 70-year-old man, during his casual browsing on social media, stumbled upon a fraudulent stock investment webpage. Lured by enticing offers and seemingly reliable accounts of high returns, he ended up investing over Rs 5 crore into the scheme via his wife’s demat account. Here’s a detailed account of what transpired:

As reported, the retired officer first encountered a Facebook ad promoting lucrative stock investment opportunities. Intrigued, he shared his personal information with the page, after which the scammers reached out to him through WhatsApp. They urged him to join an application called ‘A24KKR Collaborative Win,’ which purportedly set him up for trading, as corroborated by a police official.

Upon logging into the app, the retired officer began making incremental investments. The fraudsters then enticed him to download another application, ‘INDKKR,’ which they claimed would display the profits he had supposedly accrued. Initially, everything seemed promising; he successfully withdrew small sums of Rs 5,000 and Rs 2,000, which bolstered his confidence and encouraged him to invest even more.

By March 8, he had funneled in excess of Rs 4.7 crores into the scheme. Notably, he was led to believe that he was standing to gain a profit of Rs 12.2 crore. However, the illusion shattered when he attempted to withdraw his alleged profits, only to discover that his account had been frozen, denying him any further access. Realizing he had been duped, he promptly filed a complaint with the relevant authorities.

In a related story, an earlier case involved a senior citizen losing over Rs 1 crore in a fraudulent low-interest loan scam. The shocking details can be read here.

“We have launched an investigation and are in the process of gathering information regarding the bank accounts to which the victim was compelled to transfer money. It becomes quite challenging to track such crimes as victims often approach us only after considerable delays,” remarked Gajanan Kadam, senior inspector, regarding the situation.

Protect Yourself: Important Tips

To safeguard yourself from falling victim to similar scams, here are some essential guidelines:

• Be skeptical of offers that appear too good to be true: Always have a critical eye when evaluating offers. Research the market rates and if something appears suspect, avoid engaging with it.
• Maintain vigilance: Avoid placing blind trust in every advertisement that appears on your social media feeds. Approach them with skepticism.
• Verify the information: Conduct thorough checks on any company or organization before initiating contact.
• Guard your personal information: Never share sensitive details such as your phone number or one-time passwords (OTPs) without thoroughly verifying the source first.