Bengaluru Police have dismantled an Rs 854 crore cyber fraud scheme, leading to the arrest of six individuals who allegedly swindled numerous victims across India under the guise of an investment program. A portion of the ill-gotten funds, totaling Rs five crore, has been frozen.
The culprits enticed victims using messaging platforms like WhatsApp and Telegram. Initially, they persuaded individuals to invest relatively small amounts, ranging from Rs 1,000 to 10,000, promising daily profits of Rs 1,000 to 5,000. Thousands of victims eventually invested larger sums, ranging from Rs one lakh to 10 lakh or even more.
The funds invested by these victims were funneled into various bank accounts through online transactions. However, when victims attempted to withdraw their investments, they received no refunds. Subsequently, the fraudsters directed the accumulated money to mule accounts associated with money laundering.
The entire sum of Rs 854 crore was transferred to different online payment platforms, including cryptocurrencies like Binance, payment gateways, and gaming applications, as part of their fraudulent operation.
By FCCT Editorial Team
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