Dikhyaa Mohanty 
An important warning has been released by the Odisha Police’s Crime Branch (CID) to prevent residents from becoming victims of the sharp increase in online investment scam cases. An official press release states that there has been a sharp and alarming increase in online investment app scam incidents recently. Telegram group line, WhatsApp group connection, etc. Those who have invested in these phony internet enterprises have lost a lot of money. Fraudsters are enticing individuals with the promise of quick and large profits on investments made in stock markets, shares, mutual funds, and initial public offerings (IPOs). Many investors have lost most of their hard-earned money. Online investment scammers have devastated these people’s finances by taking advantage of their trust and greed.
Twenty-two investment fraud cases totaling approximately 8.5 crores in false money were reported to the CID CB Cyber Crime police station in 2023. Regretfully, in the first four months of 2024 alone, 25 additional incidents involving fraud totaling almost Rs. 17 crores had been reported. Although the CID CB’s Cyber Crime Wing has been successful in apprehending a large number of offenders in cases that have been reported, the amount of money that can be recovered from them pales in comparison to the losses suffered by the victims, as the money has either been utilized by the offenders or, in certain instances, has been siphoned off outside of the nation.
The statement included an explanation of the fraudulent tactics used by these individuals, stating that their initial tactic is to lure people into joining groups on Telegram and WhatsApp with the promise of quick and large returns on investment. Gang members fill these forums, leading gullible people to feel they have made money on the recommended investments. To get the victim’s trust, the scammers use real photos of bankers or industrialists to pretend that the investments are being made in SEBI-registered and recognized companies.
The suggested investing platforms, however, are phony and made to show fictitious returns and steal money. Victims are forced into depositing additional dollars when they want to withdraw their funds, which keeps them trapped in a cycle of fraud and monetary losses.
It’s important to realize that the accounts that fraudsters use are frequently hired or mole accounts. Victims’ funds are frequently exchanged for US dollars, then converted to bitcoin, and finally taken out at different sites outside of the nation, such as Dubai, China, and Hong Kong. The Telegram and WhatsApp groups used for these activities are frequently run from places like Hong Kong and Cambodia. The public has been advised by the CID-CB to proceed with utmost caution when making investments online and to thoroughly confirm the legitimacy of any organizations providing financial services.
