Scammers use US Bank tag to cheat people

Hyderabad:Scammers are impersonating as chief investment officers of a US-based multinational bank to lure gullible people into paying huge amounts of money in investment scams. The scammers initially gain the trust of people and subsequently decamp with their money.

Victims are added to the WhatsApp groups and channels run by the scammers using the name of the bank and the tag ‘Securities India Limited;. These groups contain hundreds of members, with a mix of fake profiles and some real users.

One of the scammers, introducing himself as chief investment officer and teacher Vikram Nadar, regularly posts investment tips. The scammer begins persuading the members to invest. The fake members respond positively and post fake screenshots of the deposited amount and massive profits, giving a false impression of successful transactions.

The scammers further trick their targets by asking them to download an app and urge the members to purchase the shares through that app. After downloading the app, victims who invest are given small returns to gain their trust, but after investing huge sums of money, the app locks them out.

In September, a retired Navy officer from Noida was cheated of `3.43 crores by an investment group, headed by Vikram Nadar.

There are several tricks with which scammers try to catch the attention of people and lure them into the scam. IPOs which offer heavy return on investment, schemes offering high returns with little to no risks, and experts and advisors giving free stock tips are all common baits used by scammers to lure investment-seeking people into falling for their trap.

Experts and police officials have urged people to never believe any person or set of people who meet them online and urge them to pay huge amounts of money in the name of investment tips.

Harisha K., a cybersecurity expert, said: “A good rule of thumb is to never share personal details and transfer money to people whom you have never met. If anyone adds you to such groups, immediately report it to cybercrime police and exit the group.”

She added: "On WhatsApp, to avoid letting unknown people add you into groups, you can go to Settings > Privacy > Groups and set the option to 'My Contacts' or 'My Contacts Except' and choose who can add you into groups."

The national toll free number 1930 can be used to lodge a complaint or report any cybercrime.