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Elderly Man Loses Rs 1.59 Crore in Online Trading Scam

Strategic Insights

— 1 min read

A 69-year-old man from Menamkulam in Thiruvananthapuram lost Rs 1.59 crore to an online trading scam. The accused, who contacted the victim through WhatsApp, offered a free online course on trading and later convinced him to invest in a fake website, www.tradgrip.com. The victim was initially promised a return of Rs 27,000 on an initial investment of Rs 10,000, but was later forced to invest more money and faced technical issues when attempting to withdraw his funds. The victim's suspicions were raised when the accused demanded a tax of Rs 30 lakh to withdraw Rs 3 crore.

Key Takeaways:

  • A 69-year-old man from Menamkulam in Thiruvananthapuram lost Rs 1.59 crore to an online trading scam.
  • The accused contacted the victim through WhatsApp, offering a free online course on trading, which later led to a fake investment scheme on the website www.tradgrip.com.
  • The victim was initially promised a return of Rs 27,000 on an initial investment of Rs 10,000, but was later convinced to invest more money.
  • The victim faced technical issues when attempting to withdraw his funds and was forced to invest more money.
  • The accused demanded a tax of Rs 30 lakh to withdraw Rs 3 crore, raising suspicions in the victim.
  • The city cyber police registered two cases under Section 66 (D) of the Information Technology (Amendment) Act-2008 and Bharatiya Nyay Sanhita Sections 318 (4) for cheating and 319 (2) for criminal breach of trust.

Statistics:

  • The victim lost Rs 1.59 crore in the online trading scam.
  • Initial investment was Rs 10,000, with promised returns of Rs 27,000.
  • The victim was forced to invest more money due to technical issues when attempting to withdraw funds.
  • The accused demanded a tax of Rs 30 lakh to withdraw Rs 3 crore.

Sources:

  • ["Elderly man loses Rs 1.59 crore to online trading scam", The New Indian Express, September 30, 2022.

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