Various methods of cyber crime and fraud in the country have been revealed in the investigation of the Enforcement Directorate. It has been seen how criminals cheat people by posing as fake CBI and fake customs officers. Further, attempts have been made to invest the money earned through banking fraud and digital arrest through shell companies. All this together creates a complex network, which targets ordinary citizens.
Cyber fraudsters have lured innocent individuals by luring them with attractive schemes for investing in the stock market through fake IPO allotments and fraudulent apps. By promising high returns, these criminals easily siphon off people’s hard-earned money. For this, he has taken the help of social media platforms like Facebook, Instagram, WhatsApp and Telegram, which has increased his reach even further.
The kingpin operates from countries like Hong Kong and Thailand.
Cyber criminals based in Hong Kong and Thailand have formed a gang in India, whose aim is to defraud people. This gang has made illegal earnings of Rs 159.70 crore, which is proof of how organized and widespread cyber crime has become. There is a need to take strict action against these types of crimes so that the general public can be kept safe.
ED action
According to the ED, huge amounts of money were transferred to several shell companies under a fraudulent ‘fund regularization process’ using digital arrest and various techniques related to cyber crime. The accused resorted to methods like fake stock market, investment and digital arrest. They mainly used to trap people by using social media platforms like Facebook, Instagram, WhatsApp and Telegram. This method is also known as the ‘pig-butcher’ scam.
Cheats in the name of fake stock market and investment
Through fake stock market and investment scams, the accused assured high returns to the victims. They resorted to fake websites and misleading WhatsApp groups. Some groups were created that gave the impression of being associated with reputable financial institutions, which increased people’s trust in these fraudsters. The accused further strengthened their net by using fake advertisements and fabricated success stories. Thus, they adopted a well-planned strategy to deceive people, due to which many people fell into their trap and suffered huge losses.