Cyber Fraud Victim Duped of ₹24 Crore Across 96 Transactions: Police

Fast summary

• A businessman in kochi lost ₹24.76 crore in an alleged cyber fraud across 96 transactions over two years and five months.
• The money was distributed across 23 bank accounts, as revealed by preliminary police investigations.
• District Police Chief (Kochi City) Putta Vimaladitya confirmed the formation of a special examination team, led by Deputy Commissioner (Law and order) Juvvanapudi Mahesh, to probe the case.
• The FIR,registered on September 1,states that the victim was lured into stock trading through a fraudulent website promising high returns.
• High returns seemingly appeared in the victim’s account on the site initially but he realized it was a scam after being unable to withdraw any money.

Indian Opinion Analysis

The reported incident highlights a significant rise in sophisticated cyber fraud targeting investors through schemes designed to resemble legitimate financial platforms. With losses amounting to ₹24.76 crore spread over multiple transactions and accounts over nearly three years, this case underscores vulnerabilities both at individual levels and within broader banking systems facilitating such scams unintentionally. As digital literacy remains unevenly distributed across India despite increasing internet penetration rates, proper regulatory measures for online investment platforms and enhanced security protocols by banks are critical steps forward.This also calls for greater public awareness campaigns about identifying fraudulent schemes early while engaging online.

For law enforcement agencies like those involved in this investigation under Kochi City District Police Chief Vimaladitya’s oversight, resolving such complex cases quickly is essential not only for recovery efforts but also for deterring future perpetrators leveraging similar tactics.

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