Elderly targeted in rising online scam wave in India
India is seeing a rise in online scams, with the elderly being the most susceptible. In a recent case, a 63-year-old Hyderabad man lost ₹50 lakh after being duped by a fake stock market scheme on WhatsApp. The incident highlights the increasing menace of cybercrime and the need for more caution among senior citizens traversing the digital space.
Fraudulent stock market scheme lures victim
The scam was carried out via a WhatsApp group called "Stock Discussion Group" where the victim was lured with promises of high returns on investments. The group's admin, Kunal Singh, pretended to be an experienced financial advisor and claimed that his "2022 stock class" had given up to 500% returns on some stocks. This prompted the Hyderabad resident to join online sessions to learn profitable stock trading tricks.
Victim invests ₹50L in fraudulent platform
The online classes were held through links shared in the WhatsApp group, directing participants to private virtual sessions. Here, Singh gave market insights and specific stock recommendations. He urged attendees to invest through a platform called "Skyrim Capital," falsely presenting it as a legit financial service provider. The victim initially invested small amounts and was shown fabricated profits that increased his trust in the scheme. Over time, he invested a total of ₹50 lakh across multiple accounts and beneficiary names.
Deepfake videos: A new tool for online scams
In another form of online scam, deepfake videos are being used to dupe victims. Two Bengaluru residents were recently duped by scams involving deepfake videos of business leaders Narayana Murthy and Mukesh Ambani. One victim, Veena, was lured into a trading platform scam after seeing a video on social media where Murthy appeared to endorse it. Similarly, Ashok Kumar lost ₹19 lakh after being convinced by a Facebook ad featuring a deepfake video of Ambani.
Authorities urge caution amid rising online scams
As online scams continue to rise, authorities and financial experts are urging citizens to be cautious. They advise against joining financial advice or investment groups on unverified platforms like WhatsApp. Investors are reminded that the stock market is inherently unpredictable, and no credible advisor can guarantee specific returns. Before making significant investments with unfamiliar entities or platforms, consulting a trusted family member or certified financial professional is recommended.
