A tech industry couple from Bengaluru successfully recovered a substantial portion of the money they lost in an online trading scam, thanks to the prompt response of local police.
The East Division Cybercrime Police in Bengaluru were able to retrieve Rs 1.4 crore of the Rs 1.53 crore that had been defrauded from the software engineer couple in an online investment scam.
What exactly happened
According to a report by The Hindu, the couple, residing in Banaswadi, fell victim to the fraudsters who lured them with promises of high returns on investment. The scammers, operating from the UK, employed a network of ‘mule accounts‘ rented from individuals in North India to launder the stolen money. To maintain the illusion of legitimacy, the fraudsters even provided the victims with access to a fake website where they could seemingly monitor the growth of their investment.
Initially thrilled with the apparent growth of their investment, the couple attempted to withdraw a portion of their funds after a few months. However, their attempts were met with denial as the fraudulent website was suddenly inaccessible. To their dismay, they were subsequently blocked from the platform altogether, revealing the scam.
How the police recovered Rs 1.4 crore
The couple then filed a police complaint about the scam. The police, through meticulous investigation and coordination with bank officials, successfully tracked down the money trail and froze over 50 accounts involved in the scam. This swift action enabled them to recover a substantial portion of the stolen funds.
“For every cybercrime case, the investigating team follows three rules: trailing the money transaction and blocking the accounts, getting information from the complainant on time, and getting the complaint registered within the golden hour. In addition to this, coordination with bank officials and maintaining a rapport is a must to get the work done fast,” a police officer told The Hindu.
The police have urged citizens to exercise caution while dealing with online investment offers and to report any suspicious activity immediately.
Tips to stay safe from online investment scams
The East Division Cybercrime Police in Bengaluru were able to retrieve Rs 1.4 crore of the Rs 1.53 crore that had been defrauded from the software engineer couple in an online investment scam.
What exactly happened
According to a report by The Hindu, the couple, residing in Banaswadi, fell victim to the fraudsters who lured them with promises of high returns on investment. The scammers, operating from the UK, employed a network of ‘mule accounts‘ rented from individuals in North India to launder the stolen money. To maintain the illusion of legitimacy, the fraudsters even provided the victims with access to a fake website where they could seemingly monitor the growth of their investment.
Initially thrilled with the apparent growth of their investment, the couple attempted to withdraw a portion of their funds after a few months. However, their attempts were met with denial as the fraudulent website was suddenly inaccessible. To their dismay, they were subsequently blocked from the platform altogether, revealing the scam.
How the police recovered Rs 1.4 crore
The couple then filed a police complaint about the scam. The police, through meticulous investigation and coordination with bank officials, successfully tracked down the money trail and froze over 50 accounts involved in the scam. This swift action enabled them to recover a substantial portion of the stolen funds.
“For every cybercrime case, the investigating team follows three rules: trailing the money transaction and blocking the accounts, getting information from the complainant on time, and getting the complaint registered within the golden hour. In addition to this, coordination with bank officials and maintaining a rapport is a must to get the work done fast,” a police officer told The Hindu.
The police have urged citizens to exercise caution while dealing with online investment offers and to report any suspicious activity immediately.
Tips to stay safe from online investment scams
- Ignore unsolicited investment offers: Legitimate investment opportunities rarely come through unsolicited emails, calls, or social media messages.
- Beware of high returns: If an investment promises exceptionally high returns with little or no risk, it’s likely a scam.
- Verify the company and individuals: Research the company and the individuals involved in the investment.
- Avoid sharing personal details: Never share your personal information, such as your Social Security number, bank account details, or credit card information, with unsolicited individuals or companies
- Be cautious with online forms: Only provide personal information on secure websites with “https” in the URL
- Report scams: If you suspect an investment scam, report it to the appropriate authorities
