A Cautionary Tale: Telangana Couple Defrauded of ₹66 Lakhs by Facebook Ad Scam
In a shocking incident out of Hanumakonda, a senior bank manager and his wife have fallen victim to a sophisticated scam that saw them lose a staggering ₹66 lakhs through a Facebook advertisement promising incredible returns. This case not only underscores the potential dangers of online investments but also serves as a stark reminder of the vigilance required when navigating the digital landscape.
The Alluring Trap: How the Scam Unfolded
In late January, the couple was enticed by an enticing post allegedly representing two stock trading companies. Intrigued, the bank manager’s wife clicked on the advertisement, which set off a chain reaction of activities that led to the couple being exploited.
WhatsApp chats emerged shortly after, with fraudsters masquerading as company executives, boasting about extraordinary returns of 300% to 400% from trading strategies involving Block Trading, Initial Public Offerings (IPOs), and Funds of Funds (FoF).
Descent into Deception: The Financial Drain
From February 3 to May 9, the couple made 45 fund transfers to bank accounts specified by the scammers. These transactions primarily came from their Central Bank of India, Bank of Baroda, and Union Bank accounts. To finance this venture, they resorted to leveraging gold loans, pledging insurance policies, and taking out additional loans.
The fraudsters cunningly demanded a 15% service charge on purported profits, which they claimed would total ₹3.38 crores. The couple transferred over ₹66 lakhs, believing they were securing a lucrative investment.
The Disappearance: Scammers Vanish into Thin Air
As soon as the funds were transferred, the fraudsters’ communication began to dwindle. “When we arranged half of the fee, they promised to release half of the profits but stopped responding once the money was credited," recalled the husband in his complaint. The trading apps and WhatsApp groups they had relied upon vanished without a trace.
Taking Action: Reporting the Fraud
Desperate for justice, the couple submitted reports through the National Cybercrime Portal on May 29 and June 11. Finally, on June 27, they approached the Cyber Security Bureau, prompting a formal investigation.
Key Takeaways: How to Protect Yourself from Online Scams
Critical Thinking: Always be skeptical of unsolicited ads, especially those promising extremely high returns. Remember, if it seems too good to be true, it probably is.
Verify Sources: Research any investment opportunity thoroughly. A credible company will have an established online presence and reviews from legitimate sources.
Secure Transactions: Be cautious when transferring money. Use well-known and trusted payment platforms, and never disclose personal or financial information unless you are entirely sure of the recipient’s identity.
- Report Suspicious Activity: If you encounter a suspicious ad or transaction, report it immediately to relevant authorities. This not only helps protect you but also assists in preventing others from falling victim.
The Bottom Line
The scam that devastated this couple serves as a sobering reminder that the digital world can be fraught with danger. While platforms like Facebook can serve as valuable tools for connection and investment opportunities, they can also harbor deceptive practices that lead to significant financial loss. Stay informed and remain vigilant to safeguard your hard-earned money.
For more information on how to protect yourself online, visit resources from Cyber Crime Reports and Consumer Financial Protection Bureau.
