A retired IAF officer lost Rs 76.5 lakh to a Facebook investment scam involving a fake app and WhatsApp group.
A 65-year-old retired officer of the IAF fell victim to an investment scam where he lost a massive sum of Rs 76.5 lakh. The retired group captain based in Bengaluru saw a legitimate-looking Facebook ad promising lucrative returns on stock market investments. Little did he know that this would end up being his way to financial fraud. His ordeal is a tale of how unverified online ads can trap one in a scam and, above all, a vivid reminder of just how easy it is for someone to get swindled in this digital age.
How the Scam Happened
The victim, Jacob (name changed), encountered the scam after coming across a Facebook ad on easy profit-making without too much investment. He subsequently contacted a number in the ad. This led him to download an application called “RBL High Networth,” which turned out to be a fake app. Together with a WhatsApp group known as “RBL Securities,” it was made to pose as a legitimate proposition.
At the time, it looked legit according to its lively WhatsApp group postings, testimonials, seeming profits effectively displayed through several screenshots, and of course, the fabricated assurance of registration with SEBI. Thus, Jacob lent his full belief to the process and, under the impression that his investments were multiplying, began transferring funds to several bank accounts controlled by the fraudsters.
At the time, it looked legit according to its lively WhatsApp group postings, testimonials, seeming profits effectively displayed through several screenshots, and of course, the fabricated assurance of registration with SEBI. Thus, Jacob lent his full belief to the process and, under the impression that his investments were multiplying, began transferring funds to several bank accounts controlled by the fraudsters.
An Expensive Realisation
Over six painstaking weeks, Jacob made multiple transfers summing up to the staggering Rs 76.5 lakh. To him, it seemed like he made big profits, which were displayed on the app. However, when he announced his intent to withdraw his profits, the fraudsters demanded him to pay additional fees labelled as taxes and withdrawal fees. Jacob bluntly refused to cover the extra charges, and the fraudsters cut all communications.