A Bengaluru technology professional has allegedly lost Rs 1.9 crore after becoming involved in an online trading investment scheme promoted through a Facebook advertisement. The person was reportedly contacted by individuals posing as investment advisers and was eventually persuaded to transfer money to multiple bank accounts.
The case has been reported to the East Cyber Crime Police in Bengaluru, who have started investigating the transactions and the accounts allegedly used by the suspects.
The incident began in February when the victim came across an advertisement related to online trading while using Facebook. After clicking on the advertisement, the person was contacted by individuals who claimed to provide investment guidance and trading assistance.
The alleged operators introduced the victim to a platform called Proxtrend and encouraged further investment. The victim subsequently created an account on a website presented as an investment platform.
According to the complaint, the website displayed information claiming that the company was registered in Mwali in the Comoros Islands. The victim reportedly believed the information and continued using the platform.
The fraud was not immediately obvious because the account appeared to show profits after the initial investments. The increasing balance on the platform reportedly created confidence that the trades were generating returns.
Over the following months, people using different names allegedly remained in contact with the victim. They reportedly presented themselves as account managers and continued providing trading suggestions while encouraging additional deposits.
Between February 27 and September 9, the victim allegedly transferred a total of Rs 1.9 crore through multiple transactions. The money was reportedly sent to different bank accounts as instructed by the people managing the investment account.
The situation changed when the victim decided to withdraw the accumulated funds. A small withdrawal had reportedly been permitted earlier, which may have further strengthened the belief that the platform was genuine.
However, when the victim sought to withdraw the larger amount on September 9, the request was reportedly not processed. The people behind the platform allegedly claimed that additional procedures had to be completed before the money could be released.
The victim was then reportedly asked to pay another Rs 50 lakh and Rs 20 lakh. The additional demands raised suspicion and eventually led the technology professional to realise that the investment platform may have been fraudulent.
The victim contacted the cybercrime helpline 1930 after suspecting the fraud and subsequently approached the East Cyber Crime Police Station to file a formal complaint.
Police have registered a case and begun examining the financial transactions involved in the alleged fraud. Investigators are also working to identify the individuals behind the accounts and communication channels used to contact the victim.
Authorities are reportedly taking steps to freeze bank accounts linked to the transactions where possible. Recovering money in online fraud cases can depend heavily on how quickly the transactions are reported and whether the funds remain in the receiving accounts.
The case highlights a common pattern seen in online investment fraud, where victims are first attracted through advertisements or social media contacts and then encouraged to make increasingly larger deposits.
Fake trading platforms can also display apparently successful investments or growing account balances to make victims believe that their money is generating substantial returns. In reality, the displayed figures may not represent genuine investments or profits.
Another warning sign is a sudden demand for additional money when a victim attempts to withdraw funds. Fraudsters may describe these payments as taxes, processing charges, verification fees or other requirements before promising that the investment can be released.
Cybercrime officials regularly advise people to verify investment platforms and financial services before transferring money. Unexpected investment offers received through social media should be treated carefully, particularly when the people involved promise unusually high returns or pressure users to invest quickly.
The Bengaluru case is now under investigation, with police examining the alleged fake platform, communications with the victim and the bank accounts through which the Rs 1.9 crore was transferred.
The investigation will determine how the money moved between accounts and whether the same network was involved in other complaints. Further action will depend on the evidence collected during the investigation.
