Sambalpur: Cybercriminals are now using social media as a major tool for investment fraud. They attract people with misleading advice and false promises of high returns. WhatsApp, Facebook, X (Twitter), and Telegram have become hotspots for these fraudulent investment schemes.
Massive Fraud in Sambalpur
A shocking case has surfaced in Sambalpur’s HLO Colony, where fraudsters scammed over Rs. 1.8 crore from an investor. The victim has filed a complaint at the cyber police station.
How the Victim Got Trapped
Bimal Krishna Panda (52), a resident of Town Police Station area, lost Rs. 1.8 crore in an online investment scam. A fraudster named Sanjay Sharma lured him into joining an online training group called “C3 Stock Technical Analysis.” Later, he was introduced to a website called M. Academy Net, where he was encouraged to invest in IPOs.
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The scammer convinced him to invest money through different accounts. At first, he was even allowed to withdraw Rs. 2,000 to gain his trust. However, when he repeatedly requested a refund, the fraudsters insisted he invest even more money. That is when he realized he had been scammed and reported it to the cyber police.
More Victims in Sambalpur
This is not an isolated case. Scammers have reported two more major scams in Sambalpur this month, with the total fraud amount exceeding Rs. 2 crore.
Police Action: One Arrest Made
Despite the growing number of cyber fraud cases, police efforts remain limited to awareness campaigns. However, Burla SDPO Ambit Mohanty confirmed that they have arrested one fraudster and are interrogating him for further information.
How to Stay Safe from Cyber Fraud
Many people lose money by investing in unauthorized platforms, hoping for higher returns. The police are trying to recover some of the lost funds, but victims need to be more cautious. Before investing, always verify the legitimacy of platforms and avoid schemes promising unrealistic profits.