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Online Investment Scam: Coimbatore Man Loses ₹1.14 Crore to Fraudsters

SimpliCity News Team File Photo · 18 Sept 2024

Coimbatore: A 50-year-old man from Vadavalli, Coimbatore, has fallen victim to an online investment scam, losing a staggering ₹1.14 crore. The victim, identified as Krishnakumar, a former private company executive who had taken voluntary retirement, was lured by the promise of high returns through online work opportunities.

Krishnakumar received a WhatsApp message on his mobile phone, offering lucrative investment opportunities with high returns through online work. Believing the message to be genuine, he contacted the phone number provided in the message.

Following the instructions given by the fraudsters, Krishnakumar transferred a total of ₹1,14,15,000 in multiple installments to the specified bank account. However, even after two months of investing, he did not receive any of the promised returns.

Realizing that he had been deceived, Krishnakumar filed a complaint with the Coimbatore Cyber Crime Police on September 16. Inspector Arun, leading the investigation, has registered a case against unidentified individuals for fraud.

The Coimbatore Cyber Crime Police are currently conducting a thorough investigation into the matter. This incident serves as a stark reminder of the growing threat of online investment scams and the need for vigilance when dealing with unsolicited financial offers.

Authorities urge the public to be cautious of such schemes and to verify the legitimacy of investment opportunities before parting with their hard-earned money. The case highlights the sophisticated methods employed by cybercriminals to target unsuspecting individuals and emphasizes the importance of cyber awareness among the public.

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Online Investment Scam: Coimbatore Man Loses ₹1.14 Crore to Fraudsters

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