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Online trading scams in Karnataka have increased from 530 cases in 2022 to 3,079 cases by July 2024.
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Financial losses due to these scams have surged from Rs 23 crore in 2022 to Rs 903 crore by July 2024.
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The average loss per case is approximately Rs 30 lakh, with investors being lured through fake online trading platforms and social media groups.
Online trading scams are on the rise in Karnataka, with a staggering increase in cases and financial losses. According to data from the Karnataka CID, online trading scams have grown from 530 cases in 2022 to 3,079 cases by July 2024.
Investors in Karnataka have lost a whopping Rs 903 crore to these scams, with an average loss of approximately Rs 30 lakh per case. Scammers are using fake online trading platforms and social media groups to lure investors, promising high returns and sharing fake success stories.
One victim, Saurav Kumar, lost Rs 1.46 crore after being convinced to invest in a fake online trading platform. He was removed from the WhatsApp group and lost all contact with the scammers when he tried to withdraw his funds.
The Whitefield Cyber Economic and Narcotics police station alone has reported 530 cases, with investors losing Rs 178 crore from January to July 2024. The surge in online trading scams highlights the need for investors to be cautious and verify the authenticity of online trading platforms before investing.
