Stories
IPO Scam: Bengaluru Executive Loses 1.3 Crore to Fake Investment App, Police Stunned.
- •Suresh, an IT executive, was lured by a fake relationship manager, Sonal Jagannath, into a WhatsApp group promising high returns.
- •A fraudulent app, 'JB X One', mimicked Julius Baer's branding and showed fake SEBI/NSE approvals, promising 980% returns in 6 months.
- •Initial small withdrawals were allowed, building Suresh's trust before he invested 1.3 crore rupees, including savings and loans.
- •Fake IPO allotments and fabricated group testimonials further trapped Suresh, leading him to transfer large sums.
- •When Suresh tried to withdraw funds, his account was locked, and a 10% 'service fee' was demanded, revealing the elaborate scam.
Key Questions Answered
Fraudsters contacted the victim via WhatsApp, posing as representatives from the Swiss banking group Julius Baer. They lured him into an exclusive group and convinced him to download a fake high-tech app called JB X One, which promised a magical 980 percent return in six months.
The cybercriminals used a fraudulent application named JB X One, which mimicked Julius Baer's Swiss branding and displayed fake logos and approvals from SEBI, NSE, and BSE. The app showed live stock prices and dashboards to deceive the victim into believing his investments were growing.
After realizing he had been scammed out of 1.3 crore rupees and facing extortion demands to withdraw his funds, the victim filed a complaint on the National Cyber Crime Reporting Portal, leading to an FIR registered at the East Cybercrime Police Station in Bengaluru on September 16.
