Cyber fraud hits Bengaluru: Elderly woman loses Rs. 2 crore in fake stock market investment scheme

Bengaluru: A 75-year-old woman from Bengaluru has fallen prey to an elaborate online scam, losing ₹2 crore in a fraudulent stock market investment scheme. The incident took place between December 9, 2024, and January 31, 2025, when cybercriminals lured the elderly woman with promises of high returns on her investments. The fraudsters, who posed as representatives of a fictitious company named 'Hem Securities,' manipulated the victim into believing that her money would yield assured profits.

Fraudulent investment scheme promises high returns

The victim, a resident of Cooke Town in Bengaluru, was contacted by the scammers, identified as Girivasan Iyengar and Aisha Sithika. They convinced her to invest in online stock trading, claiming guaranteed returns. Over multiple conversations, the perpetrators persuaded her to transfer ₹2 crore to various bank accounts, providing her with assurances of significant profits in return for her investment.

Additional commission demands and unsuccessful withdrawal attempts

After several weeks, the woman attempted to withdraw her funds on January 31, 2025. However, the fraudsters informed her that she would need to pay a 15% commission fee and additional transaction charges before her money could be released. Trusting their assurances, the victim transferred the required commission. Despite their promises, she could not contact them after the payment, leading her to realize she had been deceived.

Victim reports the scam and unfreezes innocent accounts

In a state of panic, the woman immediately reported the matter to the cybercrime helpline (1930) on February 3. While submitting her payment receipts, she mistakenly included bank account details of two unrelated individuals. This led to the freezing of three bank accounts, which were later unfrozen after police intervention. A case has now been registered under the Information Technology Act, and the police have launched an investigation into the incident.

Bengaluru police issue warnings amid rise in cybercrime

Authorities in Bengaluru have been warning residents about the surge in cybercrime incidents, where many victims have lost substantial amounts of money to similar scams. The police urge the public to be vigilant and cautious when engaging in online financial transactions.