City Police Commissioner Seema Latkar on Monday warned people about the new trends in cybercrime and said residents of Mysuru had lost a total of Rs 32 crore by investing their money in fake trading apps.
After defrauding people of their money by claiming that their bank accounts were frozen and asking them to reveal their OTP number to reactivate them, scammers are now turning to scamming gullible people with fake stock trading apps.
From January to July 2024, a total of 61 such cases were registered by the Mysuru city police in which the complainants lost a total of Rs 32 crore, she said.
Explaining the modus operandi, Ms Latkar said the scammers create groups on various social media by adding members randomly. When gullible people read the messages out of curiosity, they are told about the benefits, such as doubling their money by trading stocks and shares on the platform. “You will be asked to click on a link to download the app. They will even offer you help to make money quickly…” she said.
When a person initially invests in the app, their money accumulates very quickly. However, the amount displayed on the app is “virtual”. Lured by the “rapid growth of money” on the platform, victims continue to make new investments on the app. “It is only after two to three weeks that they realise they have been duped when they are asked to transfer more money if they want to cash in their money,” Ms Latkar said.
Businessmen, professionals, government employees, etc. have all fallen for this fake trading app scam by investing large sums of money. Several victims have transferred over Rs 50 lakh and up to Rs 1 crore, she said.
Although trading requires an investor to open a demat account, the fraudsters convinced the victims of their scheme, Ms Latkar said, adding that the victims who lodged police complaints had not opened demat accounts.
Part-time job fraud
Ms Latkar also tried to warn people not to fall for the “side job” scam, in which callers ask people to write reviews for hotels, restaurants or other commercial businesses.
The scammers inform their victims that their job is only to write reviews for hotels and other establishments and even state that the victims will be paid money. Victims are encouraged to sign up by making a payment, she said.
Digital arrests
Meanwhile, a total of 23 cases of 'digital arrest' have been reported in Mysuru City, 13 of which occurred between January and July this year. In digital arrest, victims receive calls from scammers claiming to be calling from a law enforcement agency. The scammers inform the victims that a parcel they intercepted contains drugs in their name. They then ask the victims to transfer money, failing which a complaint will be filed against them.
Ms Latkar warned the public against falling victim to the new and evolving trends in cybercrime and urged citizens to contact the Cybercrime Helpline 1930 or Cyber Economics and Narcotics (CEN) police stations.
