In a release issued by the Kerala Police Media Centre, authorities urged people to report online financial frauds within two hours of the incident to the number 1930. They emphasized that doing so would increase the chances of recovering the amount lost by the victim of the fraud. Kerala Police highlighted the significant threat posed by online financial frauds, stating that last year alone, these scams resulted in a total loss of around Rs 201 crore to 23,753 people in the state.
The Cyber Wing managed to recover 20 per cent of this amount and took action by blocking 5,107 bank accounts, 3,289 mobile numbers, 239 social media accounts, and 945 websites that were exploited for committing the frauds, as per the police statement, reported by news agency PTI. Providing details on the modus operandi of the fraudsters, the police explained that scams, enticing investments with promises of substantial profits, often begin through popular social media platforms.
"The scammers invite individuals contacting them through social media to join their Telegram group. Subsequently, they solicit deposits through a fake website. Initially, they offer exorbitant profits to those who deposit small amounts, building trust and encouraging larger investments," the statement said.
Collaborators with the scammers, posing as investors, post fake screenshots of substantial profits on the Telegram group. This strategy convinces victims to deposit significant amounts, and then they receive notifications claiming profits two to three times higher than their investments, the police added. To safeguard against such investment scams, the police have advised people to verify the credibility of institutions by checking the Reserve Bank of India's website before investing money.