TO BE USED WITH LOGOBengaluru: The lure of 300% returns cost a retired professional over Rs 2 crore after he allegedly fell victim to a sophisticated investment fraud operated through social media, WhatsApp groups, and a fake trading portal. The scammers posed as market experts and investment advisers, convincing him to invest crores in what appeared to be a lucrative IPO trading scheme.According to the complaint filed by Mahesh (name changed), a resident of Banashankari I Stage, he came across a post on X on May 12 promoting a so-called ‘Kanishka Scheme’. After clicking the link, he was redirected to WhatsApp, where individuals claiming to be investment advisers contacted him.The accused, including a woman who identified herself as Shivani, allegedly promised returns of up to 300% and directed him to register on an online trading platform, arbrokerpro.com. They also added him to multiple WhatsApp groups where self-styled experts regularly shared stock market tips, IPO recommendations, and investment strategies.To gain his trust, the fraudsters claimed that their company was registered with market regulators. One person, posing as a professor and market expert, allegedly guided investors on buying and selling IPO shares, while others provided bank account details for fund transfers and claimed the firm was registered with the Securities and Exchange Board of India (Sebi).Believing their assurances, Mahesh transferred money in multiple transactions between May 12 and June 17 to various bank accounts provided by the accused. The total amount invested came to Rs 2,05,22,765.The fraud came to light when he attempted to withdraw his investment and purported profits but was unable to do so. When he questioned the accused, they allegedly demanded additional payments towards processing fees, taxes and other charges. When he refused, they stopped responding and did not return his money.Realising he had been cheated, Mahesh contacted the cybercrime helpline and lodged a police complaint on June 19. A case has been registered under the Information Technology Act and sections 318 (cheating) and 319 (cheating by personation) of Bharatiya Nyaya Sanhita.GFX: How To Stay Scam-Smart* Be wary of investment schemes promising guaranteed or exceptionally high returns on social media or internet* Verify whether the platform is registered with Sebi or other regulatory authorities before investing* Do not trust stock tips or IPO recommendations shared through unknown WhatsApp or Telegram groups* Avoid transferring money to personal or unfamiliar bank accounts provided by self-claimed advisers* Find investment platforms independently instead of relying on social media ads* Never share banking credentials or sensitive financial information with strangers* If you suspect cyberfraud, immediately call 1930 and report the matter
