Cyberfraud Case in India: Victim Loses Rs 4.05 Crore in Share Trading Scam

TDT | Manama
Email : editor@newsofbahrain.com

A major cyber fraud has been reported in Tripunithura, India, where a 45-year-old man lost a staggering Rs 4.05 crore after falling victim to a fraudulent share trading scheme. The complaint was filed with the city’s cyber police, who have now initiated an investigation into the case.

The accused, identified as Avanthika Dev, allegedly posed as a representative of a reputable private financial services company. The fraudster first contacted the victim via WhatsApp, claiming he could earn huge profits by engaging in share trading through an app developed by the company. Persuaded by the high return promises, the victim was convinced to install an app called Br-Block Pro and begin making deposits.

Between September 26 and December 9, the victim made several payments, believing the investments would yield returns. However, despite continuous deposits, the victim saw no profits and was unable to retrieve his original investment. Alarmed, he reported the incident to the police.

An FIR was registered under Sections 316(2), 318(4) of BNS and Section 66D of the IT Act, 2008, for criminal breach of trust and cheating. The police have launched an investigation to trace the money trail and apprehend the accused. This case follows a similar fraud incident in Angamaly, where another victim was duped into investing Rs 88 lakh in a similar scheme.

Authorities urge the public, including those in Bahrain, to be cautious and skeptical of unsolicited investment offers, especially those made through social media platforms or messaging apps.