An Indian civil contractor has become the victim of a sophisticated online scam, losing a staggering INR 1.67 crore, approximately $200,000 USD, to a woman he met through a matrimonial website. The scam unfolded over several weeks through WhatsApp, highlighting the increasing risks associated with online interactions and investment opportunities.
Ramesh, the victim, connected with the scammer, who identified herself as Priyanka, through a matrimonial platform. Beginning on April 11th, they began communicating regularly via WhatsApp. Priyanka claimed to be employed by a cryptocurrency trading firm based in Singapore. She skillfully persuaded Ramesh to invest through what turned out to be a fraudulent trading application, promising substantial returns on his investments.
Falling prey to the allure of quick profits, Ramesh initiated his investment journey with a modest deposit of INR 50,000, equivalent to about $583 USD. To his surprise and delight, the app displayed an immediate profit of INR 8,300, roughly $100 USD. This initial success served as the hook, convincing Ramesh that the platform was legitimate and profitable. Emboldened by this apparent win, he proceeded to transfer increasingly larger sums of money into the fake app through a combination of conventional bank transfers and UPI (Unified Payments Interface) payments.
UPI, a real-time payment system developed by India's National Payments Corporation (NPCI), facilitates instant money transfers between bank accounts via mobile applications. Its convenience and speed have made it a popular payment method in India, but also a tool exploited by scammers.
Over the period spanning from April to June, Ramesh diligently deposited a total of INR 1.67 crore (approximately $200,000 USD) into the deceptive crypto investment app. However, his hopes of reaping the promised rewards were soon dashed when he attempted to withdraw his earnings. The app abruptly locked his wallet, rendering any withdrawal attempts impossible.
Adding insult to injury, the scammer then demanded an additional payment of INR 25 lakh (approximately $29,175 USD) as a purported "release fee" to unlock his funds. This demand served as a clear indication of the fraudulent nature of the scheme. Ramesh, now realizing he had been duped, refused to comply with the extortion attempt. In response, the scammer blocked him on WhatsApp and deactivated the phone number used for their communication.
Upon recognizing the full extent of the fraud, Ramesh promptly reported the incident to the Cyberabad Police. Law enforcement authorities have initiated a comprehensive investigation into the matter.
The police have registered a case encompassing a range of offenses, including:
- Cheating and dishonestly inducing delivery of property
- Cheating by personation
- Forgery for the purpose of cheating
- Forgery of valuable security or wills
- Using forged documents or electronic records as genuine
- Electronic-media impersonation under the IT Act
These charges reflect the complex and multifaceted nature of the scam, which involved deception, identity theft, and the manipulation of electronic records.
The investigation is currently focused on tracing multiple bank accounts and five mobile numbers believed to be connected to the fraudulent scheme. Law enforcement is diligently working to unmask the perpetrators and bring them to justice.
This incident serves as a stark reminder of the growing threat of cybercrime and the importance of exercising caution when engaging in online interactions and investment opportunities. Authorities have issued a public alert, emphasizing that social platforms are increasingly becoming favored hunting grounds for cybercriminals targeting unsuspecting individuals. The allure of quick profits and the sophistication of modern scams can easily ensnare even the most diligent individuals.
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