Kozhikode: A businessman fell victim to an online financial scam orchestrated by women he had met on social media. The fraudulent scheme, promising substantial profits through cryptocurrency transactions, resulted in a staggering loss of approximately Rs. 3 crore. The scam unfolded between July 5 and August 16, resulting in substantial financial losses for the businessman
The businessman’s entanglement with the scam began when he joined a new social media group, a recommendation from women he had connected with on Instagram. Unfazed by the group’s seemingly legitimate 3,000 members, he was introduced to the supposed Managing Director of a cryptocurrency company.
Trusting the individuals behind this scheme, the businessman was handed a user ID and password, granting him access to an online platform that provided detailed investment information. Entrusting the scheme, he invested nearly Rs. 3 crore. However, his optimism turned to suspicion when he attempted to withdraw his earnings and was suddenly confronted with a demand for an 80 lakh rupee tax payment. Alarmed by this unexpected development, he promptly reported the incident to the Kozhikode City Police Commissioner. By this time, his entire investment had vanished.
Cybercrime authorities have noted an alarming rise in such financial fraud cases, but this incident marks the first time a fraud of this magnitude has been reported in the district.
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