Bengaluru: A man working in the finance department of a private firm was cheated of Rs 17 lakh after being lured by an offer to buy US dollars at a discounted rate.According to a complaint filed by software engineer Nikhil (name changed), a resident of Vidyaranyapura, his friend transferred Rs 17 lakh in three instalments to a bank account provided by the fraudsters between April 20 and April 23.Nikhil said an unidentified man, who introduced himself as Shyam, contacted his friend Vikram (name changed) on WhatsApp and offered to provide US dollars at an exchange rate of Rs 75 per USD, even though the prevailing market rate was around Rs 95 per US dollar.Vikram, who works for US projects, was in need of the American currency. The caller later introduced another person on the phone, claiming that he would help with the further process. Another fraudster assured Vikram that the dollars would be delivered after the payment was made. The fraudsters, conversing in English and Hindi, managed to convince Vikram to believe them and make the payment.Trusting the offer, Vikram approached Nikhil to help in transferring the money. Speaking to TOI, Nikhil said, “When my friend told me about the discounted rate of the exchange, I warned him that it could be fraud. But Vikram, who had the experience of exchanging currency in the past, said that the deal offered by the callers appeared to be genuine and convinced me to transfer the money from my account.” Vikram also told Nikhil that the callers had sent him their ID proofs and a few documents which claimed that they were genuine dealers.The fraudsters told Vikram that the minimum payment for the exchange was Rs 10 lakh and the dollars would be paid only after a week of receiving the payment. They made him transfer the money from Nikhil’s account. After that, the fraudsters concocted excuses and asked him to transfer Rs 5 lakh more and later demanded more money, Nikhil said. In total, Rs 17 lakh in three instalments was sent from Nikhil’s bank account to an account provided by the accused.However, after receiving the entire amount, the accused kept demanding more transfers and failed to deliver the promised US dollars. Later, another man, identified as Madhukar, contacted Vikram and assured him that the currency would be handed over. For several weeks, he allegedly kept Vikram waiting by giving various excuses.When the complainant eventually demanded either the promised dollars or a refund, Madhukar and the other two fraudsters stopped responding to his calls and messages in early Aug. Realising that he had been cheated, Vikram informed Nikhil about it. Nikhil contacted the cybercrime helpline 1930. He subsequently approached the northeast cybercrime police on Aug 7 and filed a complaint.A senior officer said, “Since the complainant approached us three months after the fraud, it is difficult to recover the money. Efforts are on to freeze the mule bank accounts of the fraudsters in coordination with bank officials.”It appears that Vikram regularly searched for currency exchange and clicked some link. So, the fraudsters contacted him, offering an attractive price. Since the amount was transferred from Nikhil’s account, the complaint is taken from him.Too low rate could be a red flag-Be wary of unusually low exchange rates: Offers significantly below the prevailing market rate are a red flag-Never transfer money to unknown bank accounts based solely on phone calls, messages or online promises-Use only authorised and legitimate foreign-exchange dealers-Verify investment or exchange offers independently instead of relying on links, social-media posts or caller-provided information-Contact your bank and report the transaction to cybercrime helpline 1930.
