Bengaluru Man Loses Rs 1.3 Crore in Fake IPO Scam
By ThePip Desk
A Bengaluru resident loses Rs 1.3 crore in a fake IPO scam promising 980% returns. Learn how social media investment fraud works and how to stay safe.
A Bengaluru resident lost Rs 1.3 crore in a fraudulent investment scheme after being promised unrealistic returns of 980% through a fake IPO.
Social Media Trap
The victim was initially approached through social media platforms by individuals posing as investment experts.
Scammers gained the victim’s trust and convinced him to invest funds in pre-IPO shares.
Key details of the fraudulent operation include:
Victim transferred substantial amounts of money into multiple bank accounts provided by the fraudsters.
Promises of massive profits were made under the guise of pre-IPO share allocations.
The Investigation
The fraud came to light when the victim attempted to withdraw funds and contact the perpetrators.
Following the realization that funds and perpetrators were inaccessible, the victim filed a formal complaint with cybercrime authorities.