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Beware Investors! Bengaluru Bizman Conned Of Rs 5.2 Crore Through WhatsApp, Know How

A 52-year-old businessman, Sharath, lost Rs 5.2 crore to cybercrooks after being convinced to invest in the stock market through a WhatsApp message. Despite initial reluctance, he downloaded an app and transferred the money to multiple accounts suggested by the fraudsters, realizing he had been conned when he couldn't withdraw profits.

Edited By : Saurav Gupta | Updated: Apr 22, 2024 12:08 IST
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Bengaluru Bizman Conned Of Rs 5.2 Crore Online, Know How

Bengaluru: A 52-year-old businessman, engaged in the stock market, allegedly lost Rs 5.2 crore to cybercriminals recently. The victim, Sharath (name changed), director of a private firm and resident of Jayanagar, informed cybercrime police on April 8 that he received a WhatsApp message on March 11, suggesting investing in the stock market to earn high returns.

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The message, from a link (, added Sharath to a WhatsApp group named Y-5 Ever Core Financial Leader, with about 160 members. Later, he received calls from unknown numbers urging him to click the link and download the application. Initially resistant, Sharath eventually downloaded the app. He then began buying stocks, transferring money to multiple accounts provided by the fraudsters, who claimed it was invested in the stock market.

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By April 2, Sharath had transferred Rs 5.2 crore to five accounts. The fraudsters asked him to invest more, but he wanted to withdraw profits and some of the investment, which they didn’t allow. It was then he realized he had been conned. A senior police officer stated a case has been filed under the IT Act, with further investigation underway. Efforts are made to freeze the amount in the fraudsters’ accounts, with the hope of recovering some of the money.

First published on: Apr 22, 2024 11:24 AM IST

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