Invest In This App To Earn Big Money: How A Mangaluru Victim Was Scammed Out Of Rs 25 Lakh

Online scams are beginning to impact people at an unprecedented rate, with numerous unsuspecting victims regularly falling prey to scammers’ innovative methods and having their money siphoned off. In a recent incident, a Mangaluru-based man lost Rs 25 lakh due to a fake trading app.

According to a TOI report, the victim was initially contacted on Instagram in September of this year, under the pretext of an opportunity to earn money through an alleged stock trading app. The modus operandi of this scam involves gaining the trust of a victim and then ceasing communication once they are invested in the scam, and this is exactly what happened in this case as well.

The report adds that the victim was given seemingly easy tasks, and the scammers did pay the victim for the same. Owing to this, once trust was established, the victim invested substantial sums of money on four different occasions—Rs 50,000, Rs 4.5 lakh, Rs 15 lakh, and Rs 5 lakh.

However, when the victim was unable to withdraw the “investment,” he grew suspicious of the application and realized what had transpired. In total, the victim lost Rs 25 lakh, and a case has been registered at the CEN Police Station.

Job Scams, Investment Scams: How to Stay Safe

It goes without saying that one must conduct due diligence before investing in any scheme, regardless of the source—whether it is close or distant. Meanwhile, many overlook the fact that these scammers have become adept and competent at victimizing people, mastering the art of earning trust before siphoning off money.

If you come across an opportunity where the other party is trying to lure you with attractive (unrealistic) offers and promises of larger-than-life returns in a short amount of time–be wary–as these are likely scams.

Additionally, avoid sharing any sensitive information, such as national identification cards, bank OTPs, and even your address, as other scams, like fake delivery scams, rely on obtaining this data to execute their modus operandi.