Gang cheats elderly man out of Rs 65 lakh in share market scam
Thiruvananthapuram Retiree Scammed of ₹65 Lakh by Sophisticated Fraud Ring
The Beginning: A Friendly Voice Offering a Golden Opportunity
In December of the previous year, a 68-year-old man from Kodunganoor, Thiruvananthapuram, was contacted by a person claiming to be an expert in stock market investments. The caller offered him guidance on how to invest and promised substantial returns that would help secure his retirement. The victim, who lives alone, saw this as an opportunity to make his post-retirement life financially comfortable.
Gradually, the accused introduced the man to free online courses and added him to WhatsApp groups where other supposed investors were sharing profitable stock tips. It all appeared professional, trustworthy, and well-managed. These initial interactions were carefully designed to build trust and create a sense of legitimacy.
The Deception: Layered Lies and Rising Investments
Once the victim was convinced, the fraudsters set him up with a login ID on a fake trading website, which they claimed was linked to a government-approved trading platform. Initially, the victim was asked to invest small amounts—each of which showed quick and impressive returns, which were promptly credited to him to reinforce his belief in the system.
Encouraged by these early "profits", the man continued to increase his investment. When he invested ₹10 lakh, the scammers started making excuses about technical issues. They said his money was temporarily locked and would be returned soon with even higher gains. Instead, they manipulated him into investing more, leading him to put in a total of ₹65 lakh over the next few months.
Each time he asked about his returns, the scammers used confusing jargon and fake screenshots of profits. Eventually, they stopped responding to his calls and messages altogether. That’s when the victim realized he had fallen prey to a well-orchestrated scam.
The Aftermath: Realization and Police Action
Upon realizing that his money was gone and that he had been deceived, the victim filed a complaint with the local police. Authorities have confirmed that the scam appears to have been executed by a gang consisting of at least 33 members, and investigations are underway to trace and apprehend the culprits.
The case highlights the growing sophistication of cyber fraud operations in India, especially those targeting vulnerable individuals like senior citizens. Police have issued a warning urging the public to be cautious of unsolicited investment advice and to verify the authenticity of online trading platforms before making any financial commitments.
This incident serves as a stark reminder of how trust can be exploited, and how essential it is to stay informed and vigilant in the digital age.
