Odisha Crime Branch issues advisory to protect citizens from online investment fraud
Bhubaneswar, May 18: Amid a surge in online investment fraud cases, the Crime Branch of Odisha Police has issued a crucial advisory to shield citizens from falling victim to such scams.
Recent times have witnessed a concerning uptick in fraudulent activities perpetrated through online investment platforms like WhatsApp and Telegram groups. Many individuals have suffered financial losses by investing in these deceptive schemes, lured by promises of high returns within a short period. Exploiting trust and greed, fraudsters have left victims reeling from devastating financial setbacks.
In 2023, CID CB Cyber Crime PS registered 22 cases of investment fraud, involving nearly ₹8.5 crores. Alarmingly, within the first four months of 2024, an additional 25 cases have been reported, amounting to approximately ₹17 crores in fraudulent transactions. While arrests have been made, the recovery of funds has been minimal compared to the losses incurred by victims.
Fraudsters entice individuals to join WhatsApp and Telegram groups promising lucrative returns on investments. These groups, manned by gang members, portray fictitious profits to ensnare unsuspecting victims. They pose as SEBI-registered entities, using genuine photos of industry figures to gain credibility. However, the recommended investment platforms are sham operations, displaying fabricated returns and coercing victims into depositing more funds for withdrawals, perpetuating the cycle of fraud.
Fraudsters often employ compromised or rented accounts, converting funds into bitcoin and withdrawing them abroad, including locations like Dubai, China, and Hong Kong. WhatsApp and Telegram channels facilitating these scams are typically operated from overseas locales like Cambodia and Hong Kong.
The CID-CB advises the public to exercise caution and verify the legitimacy of financial service providers before investing. Individuals are urged to use authorized platforms for investments and scrutinize opportunities rigorously to avoid falling prey to unrealistic promises of high returns.
Furthermore, citizens are encouraged to raise awareness among family and friends, especially elderly individuals who may be susceptible to such scams. Prompt reporting of suspicious online activities or cybercrimes is essential, and victims are urged to contact the toll-free helpline at 1930 for assistance. By staying vigilant and adhering to these safety guidelines, individuals can safeguard their finances and thwart online investment frauds.