Unraveling a ₹56 Crore Online Investment Scam: Puducherry Cyber Crime Wing Takes Action
The Puducherry Cyber Crime Wing has successfully dismantled a sophisticated online investment scam that deceived individuals with promises of substantial returns through fraudulent trading platforms and investment schemes. Victims were targeted through emails, social media ads, and fake websites.
Investors were lured into depositing money into what appeared to be legitimate businesses, including cryptocurrency trading and online financial services. Once the funds were transferred, the fraudsters disappeared, severing all communication and disabling the websites.
Tracing the Scam’s Network
Following numerous complaints from victims who lost their savings, the Puducherry cybercrime team initiated a thorough investigation. They meticulously tracked digital footprints, including money transfers, call records, and social media advertisements, revealing a well-orchestrated operation.
The investigation took several weeks as police traced the money flow through multiple bank accounts. Utilizing advanced digital forensics tools and conducting coordinated raids, they identified and apprehended those behind the scam.
Five individuals were arrested, including two from Puducherry and others from neighboring states, while several accomplices remain at large.
Seizures and Evidence of a Major Operation
During the raids, authorities seized luxury cars, high-value properties, fake call center equipment, debit and credit cards, and numerous laptops and mobile devices used in the scam. Investigators estimate that the operation handled over ₹56 crore through 64 different bank accounts.
Evidence also revealed the existence of fake customer service centers designed to convince investors of the scheme's legitimacy, employing scripted calls and foreign numbers to evade suspicion.
Initial findings suggest that the racket has been active since 2014, potentially defrauding over 150,000 individuals across India.
Comment(s)
