A 75-year-old retired senior Indian Air Force (IAF) officer from Thiruvananthapuram has fallen victim to a massive online scam, losing ₹1.5 crore over the span of one month. The scheme, run by fraudsters posing as legitimate trading mentors and using WhatsApp groups to bait victims, has left even an experienced investor defrauded.
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Lured by Free Course, Trapped by Fake Profits
The victim, who had prior experience in trading, was drawn in by a so-called “free online trading course” offered by the accused. After initial lessons, he was invited to join a WhatsApp group that shared success stories, trading tips, and screenshots of huge profits. Motivated by apparent early gains, he started investing modest amounts, which then escalated.
Over the period from August 25 to September 25, he transferred money in 14 transactions to accounts controlled by the fraudsters. At one point, the scammers claimed he had earned over ₹3 crore in profits, but insisted he pay 30% tax before withdrawal. When he attempted to cash out, withdrawals were blocked—he was told the funds were being diverted to “earn further returns.” Sensing something was off, he consulted a friend and then filed a police complaint.
Legal Steps & Cyber Probe
City Cyber Police have registered a case under Section 66(D) of the Information Technology (Amendment) Act, 2008, along with Sections 318(4) and 319(2) of the Bharatiya Nyaya Sanhita for cheating and criminal breach of trust. Investigators are tracing the bank accounts used, digital footprints, KYC documents submitted to the fraudsters, and call logs to map the network.
This scam shows how fraudsters are using psychology, faked app interfaces, and promises of high returns to trap victims. Even seasoned investors aren’t immune. Authorities urge citizens to verify authenticity of courses, avoid investing large sums upfront, and be cautious of withdrawal blockages or tax demands.
