Online scam: Kerala man duped of Rs 4 crore after downloading new app on phone

A 45-year-old man from Thekkumbhagam, Tripunithura, has lost ₹4.05 crore in an online investment scam. The incident unfolded over a period of two and a half months, beginning with a WhatsApp message that contained a link to an app promising high returns, according to a report by Time of India. In pursuit of quick profits, the man invested his savings, only to fall prey to cyber fraudsters.

The scam was orchestrated by a woman who called herself Avanthika Dev, who contacted the victim via WhatsApp, claiming to be associated with a reputed private financial services firm. She convinced him to download an app named Br-Block Pro, purportedly meant for lucrative share trading. To build trust, the scammer presented fake reports of substantial profits and success stories of other users. Persuaded by these claims, the victim started investing through the app.

Between September 26 and December 9, the man made several deposits, anticipating considerable returns. However, when the time came to withdraw his money, he was denied access. Realising the deceit, he reported the matter to the cyber police, who have registered a complaint. This incident is one among many similar scams occurring across India, where fraudsters exploit messaging platforms like WhatsApp to entice victims with promises of assured gains. Once investments are made, the funds are misappropriated, leaving victims with no recourse for recovery.

In light of the increasing cyber fraud cases, experts advise individuals to take the following precautions: Verify the authenticity of investment platforms and avoid downloading apps from links shared on messaging services. Be wary of schemes promising unusually high returns, as they are often deceptive. Even legitimate investments like mutual funds carry inherent risks due to market fluctuations. Additionally, check for credible reviews and ratings of financial applications on trusted platforms before use. Remember, if an investment opportunity seems too good to be true, it likely is. Remaining vigilant and sceptical can safeguard personal and financial information from evolving online threats.