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    Caught in Scams: Retired Principal Loses Rs 8.1 Crore via Fraudulent Trading Apps

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    In the Virtual era, the Internet has become a lively marketplace, a social hub, and a treasure trove of information. This makes it possible for individuals to engage, learn, invest, and earn in unprecedented ways. But behind the curtains of this virtual world are scheming cybercriminals who are ready to defraud the innocents. From phishing emails to fake accounts and applications, these scams are evolving rapidly. Therefore, adopting a cautious approach while dealing with technology is necessary.

    Recently, a retired engineering college principal from Hyderabad lost a massive INR 8.1 crore in an online scam.

    According to the reports, the 59-year-old victim, Chennupati Vijayakumar, a resident of the Banjara Hills neighborhood, Hyderabad, lodged a complaint with the Telangana State Cyber Security Bureau about a fraud scheme involving fake trading applications and IPO allotments that began in July 2024.

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    Vijayakumar reportedly funded these ‘investments’ putting his overall life savings and loans from relatives.

    What Happened with Vijayakumar?

    Notably, in July 2024 Vijayakumar said he was contacted by a woman named Melanie Lyons. She claimed to be from SIG Group and invited him to join a WhatsApp Group named SIG Trading. In the group, he attended various trading sessions taught by Eric Robertson and Lyons. They used to share trade and market-related updates with Vijayakumar and were successful in convincing him to invest.

    scams
    Image Source: RK Global

    On Monday, July 15, 2024, he was asked to join another WhatsApp group named E26-RK Global Customer Care. Here he received several suggestions regarding trade investments and IPO suggestions through the RK Global App. Vijayakumar said that they assured him of high returns and promised to secure allotments in future IPOs.

    Between July 16 and October 3, 2024, Vijayakumar sent an amount of over INR 8.1 crore through their application. According to the complaint, Vijayakumar was successfully able to withdraw INR 2000 from the app. However, the attempts to withdraw larger amounts were shown as successful, without receiving the amount to his bank account.

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    He said that the Fraudster asked him to pay 2% of the app balance, i.e. INR 37.5 Crore of which he paid INR 7.5 lakh multiple times. Then, they asked him to deposit INR 2 Crore for ‘irregularities and pressured him to pay additional INR 75 lakh.

    Meanwhile, the withdrawal continued to show the malfunction and demanded more deposits, which, he began suspecting as fraud. On Friday, Vijayakumar called the Cyber Crime helpline to seek assistance in the matter.

    The Telangana Cyber Security Bureau has registered the case under the BNSS (Bhartiya Nagrik Suraksha Sanhita) and IT Act and is currently investigating the case.

    scams
    Image Source: RK Global

    Social Media Buzzes with Reactions

    The news has been capturing interest on social media. A notable investor, Ajay Bagga recently took to his official X handle stating, “Please read this and share with all your friends/families. Don’t fall for these scams. It is very sad to see the plight of a retired person. Engineering College Ex-Principal loses INR 8.1 crore to Investment fraud.

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    The news got mixed reactions on the internet. Some netizens expressed their grief and sadness for the old man. While others also highlighted this incident as a result of excess greed. “Old and same story and greed to earn maximum in the minimum period is the reason,” a user mentioned.

    “People are having such an amount and still want more. I don’t understand the greed,” another user reacted.

    “These scams are everywhere, the TV on which you appear, and all the business media channels, Telegram, WhatsApp, Twitter. Whose loss will you save. as long as liquor is sold, the number of drinkers will keep on increasing. This is the dark world,” another user outlined.

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    Kanishka Malhotra is a seasoned journalist with a deep passion for reporting and uncovering the truth. With a specialization in research and investigative Journalism, she has covered wide range of topics related to social issues, travel, lifestyle, technology, Entertainment and much more. She believes to express and share her creativity to the world through words. With relentless pursuit of knowing and uncovering the truth, Kanishka continues to leave a mark in the world of journalism.

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