Kerala businessman loses Rs 7.66 crore to online trading fraud: Fake statement, legal case and more how he was duped

A man from Kerala has suffered a massive financial setback after falling victim to an online investment scam. A 33-year old man from Kerala reportedly lost a staggering Rs 7.55 crore to a fraudulent online investment scheme.
What exactly happened
The report mentions that the man was contacted by unidentified individuals who introduced themselves as representatives of known financial firms Invesco Capital and Goldman Sachs and promised high returns on a supposed investment opportunity.Lured by the prospect of significant financial gains the victim started investing smaller amounts initially.
After the initial investment, the scammers allegedly presented the victim with a fake statement. This fabricated document showed his internal equity account had ballooned to a staggering Rs 39,72,85,929, supposedly reflecting returns on his investments. The scammers then asked the victim to increase the amount of his investment. However, the situation changed course when the businessman opted not to make the additional investment.
The full extent of the scam became apparent when [victim's name] attempted to withdraw his invested funds. Unfortunately, he was unable to access his money, and all communication with the scammers ceased. The victim, finally understanding he had been tricked, reported the incident to the police.
Here are some tips to keep in mind to protect yourself from such scam
- Promises of high returns with little to no risk are classic red flags.
- Be wary of unsolicited investment offers, especially those initiated online.
- Thoroughly research any investment opportunity before committing any funds.
- Never share personal financial information with unknown individuals or websites.