In a significant move against cybercrime, the Enforcement Directorate (ED) has arrested eight individuals in Karnataka and Tamil Nadu in connection with multiple cyber scams. These included fraudulent investment schemes involving fake IPO allotments, stock market apps, and digital arrest scams that lured unsuspecting victims into transferring large sums of money. The ED has also frozen a total of Rs 2.81 crore in bank accounts associated with these illegal activities.
The investigation was initiated following several FIRs filed by law enforcement agencies across the country, which pointed to a network of cyber fraudsters using fake platforms to swindle individuals. These fraudsters used social media apps like Facebook, WhatsApp, Instagram, and Telegram to attract victims. Often referred to as ‘pig-butchering scams’, the fraudsters made fake promises of high returns through fake investment apps and misleading online ads. Once victims were hooked, they were asked to invest large sums of money into these deceptive platforms.
The scams also took a more sinister turn with digital arrest scams. Fraudsters impersonated law enforcement officials, such as Customs or the Central Bureau of Investigation (CBI), and threatened victims with false accusations to extort money. The victims were coerced into transferring funds to shell companies under a bogus “fund regularization” process.
One of the key cases involved a woman from Faridabad who was defrauded of Rs 7.59 crore after she was tricked into using fake apps promising high stock market returns. Similarly, a businessman from Noida lost Rs 9.09 crore in a similar scam, while a doctor from Bathinda was also defrauded of Rs 5.93 crore.
These cyber scams are a growing concern, with authorities uncovering complex networks of fraudsters exploiting social media platforms to deceive the public. The ED’s ongoing efforts to dismantle such operations aim to curb the rise of cybercrimes that continue to affect thousands of people across the country.
