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A resident of Vijayawada has allegedly lost ₹58.67 lakh after cybercriminals approached him through Telegram with an offer to earn money by posting Google ratings before persuading him to participate in an online trading scheme.
The fraudsters initially displayed profits on a small investment to gain his confidence. Over the following two months, the victim made increasingly large payments, eventually losing nearly ₹59 lakh.
Vijayawada cybercrime police registered a case on Thursday following a complaint submitted through the National Cyber Crime Reporting Portal. Investigators are examining the financial transactions to identify those responsible for the alleged fraud.
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₹5,000 Investment Becomes The Starting Point Of A ₹58 Lakh Fraud
According to police, the fraudsters initially contacted the victim through Telegram and offered him an opportunity to earn money by posting ratings on Google.
The seemingly straightforward earning opportunity subsequently developed into an investment proposal promising lucrative returns through online trading.
To establish credibility, the operators persuaded the victim to invest ₹5,000 and displayed an apparent profit of ₹2,000. This created the impression that his investment had grown to ₹7,000.
Encouraged by the apparent returns, the victim continued investing larger amounts in anticipation of higher earnings.
A Vijayawada cybercrime police officer said the victim made multiple payments over approximately two months before discovering that he had been cheated.
Investigators established that the fraudsters allegedly collected ₹58.67 lakh through transactions involving three bank accounts and two credit cards.
The victim subsequently submitted a complaint through the national cybercrime portal, following which police registered an FIR on November 12.
Police have not disclosed the victim’s identity, the names of the suspected fraudsters or whether any portion of the money has been recovered.
How Online Rating Tasks Turn Into Investment Scams
The Vijayawada incident highlights a method of cyber fraud in which criminals combine seemingly legitimate online earning opportunities with fraudulent investment schemes.
Commonly known as task-based scams, these operations frequently begin with offers to perform simple activities such as posting online reviews, rating businesses, subscribing to video channels or completing promotional assignments.
Such tasks require little technical knowledge and can appear attractive to people looking for additional income.
Once a potential victim establishes contact with the operators, the criminals may introduce paid assignments or investment opportunities that supposedly offer larger rewards.
Apparent earnings on small initial payments help establish trust. Victims may then become more willing to commit substantial amounts because earlier transactions appear to have produced profits.
However, the balances and returns displayed by fraudulent operators may have no connection to genuine financial activity.
The initial ₹2,000 profit shown to the Vijayawada victim was particularly significant in establishing confidence. Police have not confirmed whether that amount was actually credited to his bank account or merely displayed as an investment return.
The distinction matters because a profit shown on a screen does not establish that any genuine trading has taken place.
Centre Previously Blocked Over 100 Websites Linked To Similar Frauds
The method used in the Vijayawada incident resembles fraudulent operations previously identified by the Indian Cyber Crime Coordination Centre, or I4C.
In December 2023, the Ministry of Home Affairs disclosed that authorities had identified more than 100 websites facilitating organised investment and task-based part-time job frauds.
The Ministry of Electronics and Information Technology subsequently blocked those websites under the Information Technology Act.
Investigators found that operators were using online advertisements and messaging services to attract potential victims with offers of supplementary income.
The operations frequently involved simple digital tasks before victims were encouraged to make investments promising substantial returns.
Authorities also identified the use of rented or mule bank accounts to receive fraudulent payments, with some proceeds subsequently transferred overseas through cryptocurrency, international financial platforms and other payment channels.
In a separate investigation under Operation Chakra-II in October 2023, the Central Bureau of Investigation uncovered an alleged international investment fraud network targeting Indian citizens through fake employment, loan and investment opportunities.
The investigations demonstrated how apparently unrelated online earning offers could serve as entry points into organised financial fraud.
However, there is no confirmed connection between those networks and the latest Vijayawada investigation.
Police Trace Financial Transactions As Investment Fraud Concerns Persist
Vijayawada cybercrime police are examining banking information associated with the victim’s payments to establish where the money was transferred.
Transactions involving multiple financial accounts and credit cards can require coordination between investigators, banks and payment service providers.
Authorities must identify the recipients, establish who controlled the accounts and determine whether any funds remain available for recovery.
The Securities and Exchange Board of India has repeatedly cautioned investors against fraudulent trading schemes advertised through social media platforms.
Its advisories highlight the dangers of unregistered investment advisers, fabricated profits and promises of unusually high or guaranteed returns.
The regulator has also warned investors against transferring money to unrelated third-party accounts on the instructions of individuals claiming to represent legitimate trading platforms.
In the Vijayawada case, investigators have not yet disclosed whether the operators used a fake trading application, whether the receiving accounts were mule accounts or whether the fraudsters were operating from India or overseas.
The investigation remains focused on tracing the ₹58.67 lakh transferred by the victim and identifying those responsible for the alleged fraud.
What This Means For You:
Never pay money to unlock online rating tasks or investment opportunities promising unusually high returns, even if an initial payment appears profitable. If you suspect financial fraud, immediately contact your bank, call 1930 and submit a complaint at cybercrime.gov.in.
