In just four months, Bengalureans lost a whopping Rs 197 crore to fraudulent investment schemes. A total of 735 cases have been registered with zero recovery, while only 10% of bank accounts have been frozen. In the 237 cases registered, people lost Rs 88 crore. An officer said that in some cases, victims are lured to send money directly to the fraudster’s account. In many other cases, victims receive a link to apps, which are simulation (fake) apps of well-known stock trading apps.

Source: Indian Express May 23, 2024 18:44 UTC