A Bengaluru tech industry couple has successfully recovered a substantial amount of their lost funds from an online trading scam, thanks to the prompt intervention of local authorities. The East Division Cybercrime Police in Bengaluru managed to retrieve Rs 1.4 crore of the Rs 1.53 crore that had been fraudulently taken from them.

Details of the Scam

According to The Hindu, the Bengaluru couple from Banaswadi fell victim to fraudsters who promised substantial returns on their investments. Operating from the UK, the scammers used a network of ‘mule accounts’ rented from individuals in North India to launder the stolen money. They even set up a counterfeit website that allowed the victims to track their investments, creating a façade of legitimacy.

Initially, the couple was encouraged by the apparent growth of their investments. However, after several months, when they attempted to withdraw some of their funds, they found themselves blocked from the platform. The fraudulent website also became inaccessible, exposing the scam.

Police Investigation and Fund Recovery

Upon realizing they had been scammed, the couple promptly reported the incident to the police. Through a thorough investigation and collaboration with bank officials, authorities were able to trace the flow of stolen funds and freeze over 50 accounts linked to the fraud. This swift and coordinated response led to the recovery of a significant portion of the stolen money.

A police officer underscored the importance of several key actions in cybercrime investigations: tracking the financial trail and blocking fraudulent accounts, obtaining timely information from the victims, and filing the complaint within the crucial first hour. The officer also stressed the need for close cooperation with bank officials to accelerate the recovery process.