Army Colonel duped of Rs 72 lakh in online investment scam

An Army Colonel fell prey to a fraudulent online investment application, leading to a loss of Rs 72 lakh. The Colonel was posted at the military hospital, Fardikot Cantonment.

According to the police, the colonel was involved in online trading for some time and discovered the app concerned through an advertisement on social media. The app presented itself as a legitimate platform for stock trading. Initially sceptical, the victim began increasing his investment after noticing small gains on the app, hoping for larger pay-outs.

The Colonel also had multiple interactions with the app’s representatives which further convinced him of the app’s authenticity and potential for substantial profit. However, when he attempted to withdraw his money from the app, the app ceased all communication.

Realising he had been scammed, the colonel filed a complaint with the police. According to preliminary findings, the app was a part of a well-coordinated scam, operating under the guise of a legitimate investment platform. DSP Faridkot Cybercrime Cell Raj Kumar said the police froze the Colonel’s bank account and blocked Rs 11 lakh in his account to avoid any further transactions. “We are very close to arresting the culprits”, said the DSP.

He added that the police were tracing the operators of the app, who had appeared to have used sophisticated methods to gain the trust of their victims. The police also urged the investors to exercise caution and avoid falling for investment promises that seemed too good to be true.