Two residents of Mysuru have lost a total of Rs.27.58 lakh in separate online frauds linked to fake investment pitches on Facebook, exposing ongoing exploitation of social media and mobile apps for scam trading.
Two Mysuru residents have lost a combined Rs.27.58 lakh in separate online frauds that relied on fake investment pitches spread through Facebook, underscoring how scammers continue to exploit social media and mobile apps to lure victims with promises of easy profits.
In the first case, a 72-year-old J.P. Nagar resident identified as Rajesh for the complaint said he was drawn in after seeing a Facebook video on June 19 that appeared to show Union Finance Minister Nirmala Sitharaman promoting an investment scheme. The advertisement led him to plans that allegedly promised monthly returns of Rs.50,000 to Rs.55,000. Between June 19 and July 2, he transferred Rs.12,93,899 from his accounts with State Bank of India and HDFC Bank. He was later able to withdraw only Rs.65,000, after which the fraudsters demanded more money before releasing any further profit.
The second victim, a 50-year-old Siddarthanagar resident identified as Arun for the complaint, lost Rs.15,29,894 after responding to another investment advertisement on Facebook. According to the complaint, he called the number given in the ad and was told he could double his money through online trading. The callers then sent a WhatsApp link and instructed him to download a mobile application for investments. After he transferred the money, he realised he had been cheated.
Both victims contacted the Cyber Crime Helpline on 1930 before lodging complaints. Their cases fit a wider pattern of investment fraud that has drawn repeated warnings from Indian authorities. Meta said in March that it had expanded anti-scam tools across WhatsApp, Facebook and Messenger, while the Indian Cyber Crime Coordination Centre and the Securities and Exchange Board of India have been running awareness campaigns to alert users to fraudulent ads. The Ministry of Home Affairs also warned in July about a rise in scams using WhatsApp, Telegram and bogus trading apps, often backed by fake claims, doctored success stories and the misuse of well-known public figures to build trust.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
