Bengaluru man swindled of Rs 6.54 crore in online trading scam
Bengaluru: In a massive online trading scam, a director of a private company in Bengaluru has reportedly lost Rs 6.54 crore after being lured by scammers promising him a ‘1500 percent return’ on investments through a fake online stock trading app.
Senior police officers believe this incident is among the largest sums lost by an individual victim to the trading scam in the capital city this year. According to a report by Deccan Herald on Monday, the 56-year-old man whose company manufactures semiconductor LED drivers, lamps and displays, used to trade in stocks through his demat account. He received a WhatsApp message on August 11 this year from an unknown number inviting him to join ‘NUUAMA ELITE GROUP’ for “classes” on trading and investment. He was subsequently added to the group by an individual named Aniketh Nerkar.
According to the FIR, he attended online classes where investment strategies were shared for nearly a month. An officer noted that some tips shared in the group appeared to be accurate. “This is one way the scamsters convince the potential victims,” a police officer told DH, adding that they have learnt that the tips the scammers offer will be on the stocks that are already on the way up or have the potential to go up the following days.
The victim was astonished to see the “success stories” shared on the WhatsApp group and was allegedly told he would get a “1,500% return on his investments”.
The officer added that scammers post the screenshots of their gains to psychologically convince the victim that the scheme is genuine and the same happened in this case.
Eventually, Kumar began transferring money after downloading a trading app shared by the scammers. Between the start of the scam and October 14, he wired Rs 6.54 crore to 12 different bank accounts.
Throughout the process, the app displayed simulations indicating that Kumar was making significant profits from his investments. However, when he attempted to withdraw his funds, he was asked to pay Rs 2.5 crore in fees. This prompted him to file a complaint with the cybercrime police on October 16.
A senior officer told the publication that the investigators have begun freezing the primary (first beneficiary) bank accounts and tracing the money trail and added that all accounts used in this case were “mule accounts”. A team led by Tanveer SR, Assistant Commissioner of Police (Northeast CEN), is probing the case.
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Marxism will remain relevant despite Left electoral's losses, says general secretary M A Baby
New Delhi (PTI): CPI(M) General Secretary M A Baby on Thursday asserted that the Left movement would remain relevant despite not being in power in any state, saying the ideology would continue to endure as long as social and economic inequalities persist.
Hitting back at BJP leader Rajeev Chandrasekhar over his reported remarks that Marxism had become irrelevant, Baby, in an interview with PTI Videos, said, "So long as there is division in society, so long as there is exploitation of the majority of workers, peasants and ordinary masses by a handful of billionaires, Marxism will remain relevant."
"That perhaps Mr Rajeev Chandrasekhar may not be able to understand, but this is the fact of the matter," he said.
Baby acknowledged that the CPI(M)-led Left was currently without an elected government in any state, but maintained that electoral setbacks would not diminish the movement's role.
"We may not have an elected government in any state. There were occasions when we didn't have a government. But the red flag and the commitment to organise and struggle for the rights of the dispossessed, marginalised and exploited will always be upheld by CPI(M) and the Left movement," he said.
He said the Left continued to enjoy support among workers, peasants, agricultural labourers, youth, students and women, and argued that the movement remained necessary because "oppression and assault" continued in society.
"So long as such problems exist in society, the red flag and the working class movement will continue to work among the masses," the Left leader said.
Exuding confidence on the Left's revival, Baby said the party would reflect on the reasons behind its electoral loss.
"We may be rejected in one election, but we will stage our comeback by understanding what went wrong with us," he said, adding, "We will listen to people and we will come back with higher strength."
Baby also criticised the Congress over reported factional tensions in Kerala after the Congress-led United Democratic Front's victory in the state.
"The way they are behaving is being watched by the people of Kerala," he said, referring to infighting within the Congress.
"Those who have given a massive majority to Congress and UDF would be watching all this," he added, while urging party leaders to "settle the problem in an amicable, democratic manner".
Referring to West Bengal, Baby alleged that violence had escalated following the BJP's victory in the state assembly polls.
"It is quite unfortunate that the moment BJP snatched a massive victory in West Bengal, violence has also started on a big scale," he said.
He also accused the Trinamool Congress of being "notorious for violent activities" and alleged that the "RSS-controlled BJP" had "unleashed violence in many places" after the election results.
"This is not good for Bengal, not good for the country. We wish and hope that normalcy would be restored as soon as possible," he said.
Baby said the CPI(M) and the Left in West Bengal would continue efforts to "pacify people" and avoid violence and confrontation.
Asked about former Kerala chief minister Pinarayi Vijayan not reacting publicly to the election results, Baby said Vijayan would respond "at an appropriate time".
