A retired bank employee was duped of ₹55.20 lakh by cyber fraudsters in a fake share market investment scam. According to Penamaluru police, Vijayanand from Kanuru in Krishna district, who retired from Union Bank, came across a Facebook advertisement offering business and investment advice. After contacting the persons, he was added to WhatsApp groups and lured with promises of high returns in the share market.
He initially invested ₹22.20 lakh, transferring the amount to multiple bank accounts. Later, the fraudsters showed a fake profit of ₹1.11 crore and demanded additional payments as processing and service charges. The victim paid ₹23.50 lakh as processing charges, ₹3.50 lakh as other charges and ₹6 lakh as additional fees. When he was unable to contact them later, he realised he had been cheated and lodged a complaint. Police have registered a case and are investigating