Fraudsters shared fake screenshots of the profits earned and messages showing amounts credited to their bank accounts.
Bengaluru: Lured by promises of hefty returns from stock trading through a WhatsApp group, a 51-year-old private firm employee lost over Rs 1.1 crore after investing in a fraudulent trading application called ISL MAX. Prabhu (name changed), a resident of BDA Layout on Hennur Main Road, told police he received a WhatsApp message on Aug 13 from an unknown ISL 1-on-1 Group. On Sept 2, Prabhu transferred Rs 25,000 from his account. He continued transferring money between Sept 2 and Oct 25: a total of Rs 1,12,37,437 through his four accounts.
The fraudsters displayed fake profits to gain his confidence, persuaded him to transfer money to multiple bank accounts and repeatedly demanded more deposits, but he was unable to withdraw his funds. Fraudsters posing as members shared messages about stock trading, claiming that those interested could earn huge profits by investing in stocks and trading regularly. Fraudsters shared fake screenshots of the profits earned and messages showing amounts credited to their bank accounts. Convinced by their claims, Prabhu agreed to participate in trading. The fraudsters sent him a link to download an application called ISL MAX. After opening the application, he was asked to enter his personal and banking details to complete the identification and verification process. The fraudsters subsequently began sending him bank account details through WhatsApp, instructing him to transfer money to the accounts for trading. The app showed profits after the deposit, reinforcing his belief that the trading scheme was genuine. You Can Also Check: Gold Rate in Bengaluru | Silver Rate in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru | Bengaluru AQI | Weather in Bengaluru | Petrol Price in Bengaluru | Diesel Price in Bengaluru | CNG Price in Bengaluru | LPG Price in Bengaluru