Hyderabad Brothers Duped: Rs 4.48 Cr Lost in Elaborate YouTube Scam!
Discover how cunning scammers lured two Hyderabad siblings into a Rs 4.48 crore fake stock investment via a YouTube ad.
Whether scrolling through social media or watching videos online, the digital world is filled with alluring advertisements. However, not all that glitters is gold, and for two Hyderabad brothers, this saying proved devastatingly true.
The Bait: YouTube’s Alluring Ad
The trap laid for the unsuspecting brothers from Kothapet, Hyderabad, started with a simple YouTube advertisement. Promising lucrative investment opportunities, it bore the name of a reputed firm, exuding trustworthiness and beckoning them to a world of potential profits.
The Scammer’s Craft: A Persuasive Liaison
Rajeev Mehta, a man who initially appeared credible, was the orchestrator of this deceit. Taking the guise of the firm’s Chief Investing Officer, he reached out via WhatsApp, a familiar platform for many-to-one communications. Offering personalized investment tips with assurances of high returns, he cleverly stated that commissions would only be applicable if profits exceeded half of their investment—a seemingly fair deal.
Illusion of Success: The Non-Existent Million Dollar Prize
A fake narrative was spun around a non-existent World Finance Challenge, setting a net of greed. Mehta weaved promises of sharing his fictional million-dollar win, a prophecy that lured the brothers into opening a Demat account—just a step away from financial ruin.
Mounting Profits: An Illusion of Wealth
The account was a facade – Rs 39 crore of faux profits dangled before their eyes. Expectedly, when they attempted to withdraw a fraction of their ‘profits,’ a demand for a significant portion as a commission came up, a challenge they were unable to challenge.
The Unraveling: Truth in Bengaluru
Their suspicions grew unbearable, leading them to the hard truth. Journeying to what they believed to be the epicenter of their newly found wealth in Bengaluru, it unfolded that Mehta, although a former employee, was a rogue operator, and his so-called billion-dollar challenge was a figment of his malicious imagination.
A Search for Justice
With their world turned upside down, the brothers took their grievances to the Telangana State Cyber Security Bureau. The con was revealed, a case registered, and an investigation launched to seek justice for the deceived.
As stated in NewsMeter, such scams highlight the growing need to stay vigilant in the face of alluring but deceptive investment opportunities. Being informed about potential cybersecurity threats can help prevent falling victim to similar frauds.