A 47-year-old man from Trichy allegedly lost ₹53.7 lakh after being drawn into a fake online trading scheme that first paid him a small profit before persuading him to invest increasingly larger amounts.
The victim, identified as Jamaludeen from Karumandapam, works at an optical shop and holds a diploma qualification.
Police said he came across the investment opportunity while searching on Google for online trading options on August 24.
He was then redirected through a Telegram account to a trading portal.
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Small Profit Helped Build Trust
Jamaludeen created an account on the trading platform after providing his details.
He initially invested ₹50,000.
Police said the platform showed him a profit of ₹6,210.
That early return appears to have helped convince him that the trading portal was genuine.
This is a common pattern in online investment fraud.
Scammers often allow victims to see small profits or even withdraw a limited amount in the early stages.
The purpose is to build confidence and persuade them to transfer far more money later.
Once trust is established, the fraudsters may begin recommending larger trades or claim that higher investments will produce better returns.
₹53.7 Lakh Sent Across Multiple Accounts
Between August 24 and October 19, Jamaludeen allegedly transferred a total of ₹53.7 lakh in several instalments.
The money was sent to different bank accounts that were presented to him as accounts connected to the online trading platform.
Using multiple bank accounts is another common feature in organised cyber fraud.
Fraud networks often route victim funds through several accounts to make tracing the final destination more difficult.
Some of these may be mule accounts controlled by people who allow criminals to use their bank accounts in exchange for commission.
Police have not yet disclosed how many accounts were used in this case or whether any funds have been frozen.
Fraud Surfaced When Victim Tried to Withdraw
The scheme unravelled when Jamaludeen attempted to withdraw his investment.
On October 22, he tried to access the money he believed was available in his trading account.
He was unable to withdraw the funds and then realised that the platform was fraudulent.
He subsequently filed a complaint through the National Cyber Crime Reporting Portal.
Based on the complaint, Trichy City Cybercrime Police registered a case under the Information Technology Act, 2008.
Investigators are expected to examine the Telegram account, trading portal, bank accounts and transaction trail used in the fraud.
No arrest has been reported so far.
Fake Trading Portals Often Show Artificial Profits
One of the most dangerous features of online investment scams is that the victim may see what appears to be a functioning trading dashboard.
The platform may display rising account balances, profits and successful trades.
But those figures may exist only inside the fraudulent website or app.
There may be no genuine investment taking place at all.
The victim’s money can instead be transferred directly into accounts controlled by the fraud network.
Problems usually begin when the person attempts a larger withdrawal.
Fraudsters may then demand additional payments described as taxes, processing fees, account-unlocking charges or security deposits.
Victims who have already invested large amounts may continue paying because they believe another payment will release their original money.
That can deepen the loss.
Telegram Continues to Feature in Investment Scams
Telegram frequently appears in complaints involving fake investment groups because it allows fraudsters to quickly create channels, groups and accounts.
Victims may be added to groups where other members appear to share screenshots of large trading profits.
Some of those accounts may actually be controlled by the same fraud network.
The conversation can create the impression that many ordinary investors are making money through the platform.
People searching online for investment opportunities are particularly vulnerable because scammers can position fraudulent links and social-media profiles where potential victims are already looking for financial advice.
Investors should therefore verify whether a trading platform or intermediary is registered with the appropriate regulator before transferring money.
A professional-looking dashboard, Telegram group or early profit is not proof that an investment platform is legitimate.
What this means for you:
Treat any trading opportunity found through Telegram, WhatsApp or an unsolicited online link with caution. If a platform guarantees unusually high returns or asks you to transfer money to multiple personal or unfamiliar bank accounts, stop and verify it independently before investing.
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