In July 2024, the victim, an experienced trader, was approached by the accused, who promised profitable online trading tips.
The victim was offered free online trading classes, and the professional approach of the fraudsters made him confident in their dealings.
By April 2025, he had transferred the money through 11 separate transactions.
Imagine getting lured into a high-return investment opportunity, only to lose a massive sum of money after months of trust and belief. This is what happened to a 68-year-old man who fell victim to an online scam that drained him of Rs 3.75 crore. Keep reading to know how the scam unfolded and how you can avoid falling for such frauds.
In July 2024, the victim, an experienced trader, was approached by the accused, who promised profitable online trading tips. The scam seemed legitimate at first. The victim was offered free online trading classes, and the professional approach of the fraudsters made him confident in their dealings. By April 2025, he had transferred the money through 11 separate transactions.
The fraudsters set up a fake trading account on the website trade.finnix-group.org, where the victim could supposedly check market updates and make trades, reports TOI. He was added to a WhatsApp group filled with over 50 people. It was later revealed that these group members were all fake. They shared stories of making huge profits thanks to the same tips the victim was following.
Also read: Retired teacher loses Rs 56 lakh in digital arrest scam: Here’s what happened
The victim saw huge returns on his initial investments, which encouraged him to invest more. However, as time went on, the victim found it difficult to withdraw his profits. The accused kept pushing him to invest further, citing technical issues and promising him that he would soon become a billionaire. When the victim realised he was not able to receive the profit or the invested amount, he began to suspect something was wrong and reported the incident to the police.
How to avoid falling for such scams
- Research before investing: Always verify the legitimacy of the platform before making any financial transactions. Look for reviews and ratings from trusted sources.
- Don’t trust promises of high returns: If something sounds too good to be true, it probably is.
- Secure your accounts: Use strong, unique passwords and enable two-factor authentication on your accounts to prevent unauthorised access.
Also read: Businessman loses over Rs 4cr in investment scam: Here’s what happened
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Ayushi Jain
Tech news writer by day, BGMI player by night. Combining my passion for tech and gaming to bring you the latest in both worlds. View Full Profile
