IT couple manages to retrieve Rs 1.53 crore lost to UK-based scammers, here is how

Online scams are currently among the biggest cyber concerns in India. In the past few years, thousands of netizens have reported losing money to online fraudsters. Due to hesitation, late realisation, or other factors, victims often delay reporting the case or refrain from doing so altogether, reducing their chances of recovering their money. However, in a recent case from Bengaluru, an IT couple who reportedly lost Rs 1.53 crore in an online trading scam managed to recover Rs 1.4 crore, serving as an example that prompt legal action can help you get your money back if you fall victim to such scams.

According to a report by The Hindu, the couple, both software engineers residing in Banaswadi, Bengaluru, were lured into the scam by promises of high returns on investment. Like many victims of such schemes, the couple was approached by fraudsters reportedly operating from the UK. The scammers reached out to the couple through social media and even meticulously crafted a fake online trading platform. The platform appeared legitimate, complete with a user-friendly interface and regular updates on the investment’s “growth.” To further cement the illusion of legitimacy, the scammers provided the victims with real-time access to this phoney website, where the couple could monitor their seemingly profitable investment.

Believing it to be a legitimate opportunity to earn more cash, the couple decided to invest further. Over a few months, they ended up investing crores, encouraged by the returns the website showed. However, when they attempted to withdraw a portion of their funds, the reality of the scam began to unfold.

The website, which had been fully functional up to that point, suddenly became inaccessible. Their attempts to reach customer support went unanswered, and they soon realised that they had been locked out of their account. Upon realising they had been scammed, the couple promptly reported the incident to the East Division Cyber Crime Police in Bengaluru.

Upon receiving the complaint, the Cybercrime Police sprang into action, launching an investigation to trace the stolen funds. During the investigation, the police reportedly discovered that the scammers had employed a network of “mule accounts” across North India. These accounts were rented from unsuspecting individuals and used to launder the stolen money, making the trail harder to follow.

The police tracked the money trail, freezing over fifty accounts associated with the scam. By acting swiftly, the authorities managed to recover Rs 1.4 crore of the Rs 1.53 crore that had been stolen.

Staying safe

This case highlights the importance of vigilance when dealing with online scams. Here are some important points to help you stay safe:

• Always conduct thorough research before investing in any online platform. Check for reviews, verify the company’s credentials, and be wary of offers that seem too good to be true.
• Scammers often lure victims with promises of high returns on investment. If an offer seems unusually lucrative, approach it with scepticism.
• Use strong, unique passwords for your online accounts and enable two-factor authentication where possible. This adds an extra layer of security and makes it harder for scammers to access your accounts.
• Keep up with the latest news on online scams and familiarise yourself with common tactics used by fraudsters. Awareness is your first line of defence against online scams.