On Monday, a complaint was filed with the Cyber Cell in Ahmedabad regarding a massive online fraud involving Rs 50 lakh. The victim is a manager at the prestigious Indian Institute of Management (IIM) Ahmedabad. This case highlights the growing threat of cyber fraud in today’s digital age.
The fraudster contacted the manager through an unknown WhatsApp number. The victim received a message that led him to a WhatsApp group where the accused lured him with promises of cheap Initial Public Offerings (IPOs). The fraudsters convinced the victim to download a specific app and enter his personal details. Initially, they returned Rs 8,000 to gain his trust.
After building this trust, the fraudsters then tricked the manager into investing more money. The accused claimed that the victim could earn profits by investing in these IPOs. They promised significant returns, which led the manager to invest a total of Rs 49,75,047.
The manager, identified as Revendra Dahyabhai Vaghela, has been working at IIM Ahmedabad for 26 years. He filed the complaint against Bharat Shah, Priya Sharma, and the operators of the AskikPro application. According to the complaint, from March to September, the fraudsters communicated with him under the guise of offering lucrative stock options.
The fraud began when he opened a link sent via WhatsApp. From there, he was added to a group where the fraudsters presented themselves as investment advisors. They advised him to invest in stocks at low prices and offered fake returns.
Initially, the fraudsters allowed him to sell some stocks, and he received Rs 8,800 as profit. This return made him believe in their scheme. Encouraged by this initial success, he was persuaded to invest even more money. The fraudsters then suggested he invest an additional Rs 48 lakh to take part in more lucrative IPOs.
When the manager said he did not have that much money, they offered him a loan of Rs 18 lakh to proceed with the investment. This tactic is common among online fraudsters, who often use trust and manipulation to exploit their victims.
The Cyber Cell has now taken up the case and is investigating the matter. They will trace the WhatsApp numbers and the app used to carry out this fraud. Cyber experts are warning the public to be cautious when it comes to online investments, especially from unknown sources.
Investors are advised to conduct thorough research before investing and to verify the credibility of the platforms they use. The rise in digital transactions has also seen a parallel increase in cyber crimes, making it essential for users to stay informed about the risks.
The IIM Ahmedabad case serves as a reminder that even educated professionals are not immune to online scams. It stresses the need for greater awareness and education regarding online financial transactions.
As the investigation unfolds, it is crucial for potential investors to remain vigilant and cautious when approached with investment opportunities, especially through social media and messaging apps. Authorities urge anyone who suspects they may have been a victim of similar scams to report them immediately to the Cyber Cell to prevent further incidents.
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