Cybercrime up in Mohali, victims lose Rs 9 crore in month

Mohali, May 19

Cybercrime cases related to stocks and investments through unverified applications are on the rise in Mohali.

The police had received cybercrime complaints involving Rs 9 crore in the past one month. In one such case, a Sector 71 resident was reportedly duped of Rs 4.27 crore on May 9.

Where to report

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National Cyber Crime Reporting Portal: cybercrime.gov.in

Cyber Financial Fraud national helpline operated by state police: 155260/1930

Modus operandi

• Fraudsters approach victims promising high returns on investments
• To begin with, they convince their victims to invest a small amount and pay returns as promised
• When the investment gets very big, they default, leaving no trace of their unverified investment platform
• The bank account, in which the money is siphoned off, is found empty

In another case, a resident of Sector 68, who is a retired Colonel, lodged a complaint against unidentified fraudsters who cheated him out of Rs 3.60 crore on April 30.

A 43-year-old woman of Mandi Gobindgarh was duped of Rs 50 lakh in a case related to IPOs on May 8. A Sector 66 resident, who is a doctor, was duped of Rs 28.5 lakh on April 30,” the police said.

The Punjab State Cyber Crime police station has registered four cheating cases under the IT Act.

“The majority of the complaints are related to stocks, investments and cryptocurrency offers for which were made through unverified applications or social media,” said SP (Cybercrime) Harinder Singh Mann.

Fraudsters approach their victims promising high returns on investments, sometimes as high as 600 per cent. To begin with, fraudsters convince their victims to invest a small amount and pay returns on their investments platforms as promised. Once the investment amount gets very big, they default, leaving no trace of their unverified investment platform.

The bank account, in which the money is siphoned off, is found empty. The bank account was opened with forged or fake documents.

The police said they had reported several bank accounts and phone numbers to the national cyber cell and many of those had been blocked. “To be sure, one must do a thorough verification of the platforms and the bank accounts in which the investor is transferring money. It is always advised to subscribe to verified platforms,” said Mann.