A recent report has unveiled a surge in fraudulent investment schemes in Bengaluru over the past four months, resulting in a staggering loss of Rs 197 crore.
According to the cybercrime police in India’s tech hub, 735 cases have been registered during this period, with no recovery reported. Bank accounts have been frozen in 10% of these cases, as revealed by the New Indian Express.
In response to the escalating stock market fraud, a specialized team has been formed by the cyber police to investigate these incidents. The report highlights an average of 8 cases per day registered in February alone, amounting to a loss of Rs 88 crore in 237 cases.
The victims, predominantly around the age of 30 and well-versed in the market system, are falling prey to fraudulent schemes driven by “greed,” states additional joint commissioner of police (crime) Chandragupta.
This rise in fraudulent activities prompted warnings from regulatory bodies like the National Stock Exchange (NSE) and the Securities and Exchange Board of India (Sebi) against entities falsely claiming association with reputed financial institutions.
Instances of fake certificates purportedly issued by Sebi and exchanges have been reported, cautioning investors to remain vigilant against such scams.
Source: New Indian Express
