Three victims in Bengaluru including techie lose ₹9.54 crore in online trading scam: Report

The victims were lured by high-return promises in WhatsApp groups. Investigation is ongoing to nab the culprits.

Published on: Oct 28, 2024, 18:30:10 IST

By Yamini C S

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In Bengaluru, three individuals have fallen victim to online stock trading scams, collectively losing a staggering amount of ₹9.54 crore in just one week. The victims include two businessmen, Ramit Goel, aged 50, and Raman Kumar, aged 51, as well as Ramila S, a 45-year-old engineer at a private firm (names changed), the Deccan Herald reported.

Bengaluru online trading scam: The victims were misled into believing they were making substantial profits as the apps showed impressive trading gains. (HT Photo)

The scams share a similar pattern, luring victims with promises of high returns and early access to Initial Public Offerings (IPOs). The victims were initially added to WhatsApp groups called 'JJ77 Investing in India' and 'G3364 MAIN PULL UP LAYOUT EXCHANGE GROUP,' where they received stock market investment tips from the unknown culprits, the report stated.

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Following the advice given in these groups, the three were encouraged to download trading apps. Goel downloaded the ECAUSE-WAY app, while Ramila installed the UNION APP via links provided by the scammers. In Ramila's case, she was misled into filling out a Google form for an Advanced Trading Account with 'Julius Baer,' which is actually a legitimate Swiss private banking corporation, the publication noted.

The victims were misled into believing they were making substantial profits as the apps showed impressive trading gains. Between September 8 and October 23, Goel transferred ₹6.56 crore across 14 different bank accounts linked to the suspects. Kumar sent ₹1.38 crore to 10 accounts between September 24 and October 23, while Ramila wired ₹1.61 crore to six accounts from August 12 to October 18, the report detailed.

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Initially, Ramila received ₹1.10 lakh as a supposed profit, which the police said was a tactic to keep her engaged in the scam. The others, however, saw no returns on their investments.

Following Goel's complaint, the Central CEN crime police registered a case on October 24. The Whitefield CEN crime and Cyber Crime police also took action based on Kumar and Ramila's reports on October 22 and 24, respectively. Investigations are ongoing as authorities work to uncover the full extent of these scams, the report further stated.

ABOUT THE AUTHOR
Yamini C S
Yamini CS is a Senior Content Producer at Hindustan Times with nearly six years of experience in digital journalism. She is part of the India News desk, where she works on a wide range of stories cutting across civic issues, city-based developments, politics, governance, public policy, breaking news, trending topics, and international affairs that have an impact on India. Her role involves tracking fast-moving developments, verifying information from official and on-ground sources, and presenting news in a clear, accessible format for a digital-first audience. A significant part of her work includes handling live blogs during major news events, such as elections, court verdicts, political developments, civic disruptions, protests, weather-related alerts, and unfolding national or international incidents. Through live coverage, she focuses on timely updates to help readers follow complex stories as they evolve. Before moving to the broader India News desk, Yamini was associated with the Bengaluru desk at Hindustan Times, where she extensively covered urban governance, infrastructure, traffic and transport issues, weather events, public grievances, and civic administration in the city. This experience strengthened her grounding in city reporting and sharpened her focus on citizen-centric journalism. She began her career as a correspondent with Reuters after completing a postgraduate diploma in journalism from the Indian Institute of Journalism and New Media. Her early training instilled a strong emphasis on accuracy, sourcing, and news ethics, which continue to shape her reporting style. Outside of work, Yamini enjoys reading across genres, listening to music, and spending time with her family, which help her maintain balance in a fast-paced newsroom environment.Read More

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