Scammers Pose as Invesco, Goldman Sachs Agents, Defraud Indian Man out of Rs 75.5 million

A 33-year-old man from Kerala, India, lost Rs 75.5 million in an online investment scam. The fraudsters posed as representatives of leading financial firms Invesco Capital and Goldman Sachs. The scam began with unidentified individuals approaching the victim and promising high returns on investments.

In the beginning, the victim invested small amounts. The fraudster provided him with a false account statement showing that his internal equity account generated a return of  Rs 39,72,85,929 on his investments. Encouraged by this false success, the fraudsters urged him to invest more money.

The situation changed when the man decided to stop further investments. While trying to withdraw his funds, he realized that he was unable to do so. Communication with the fraudsters was suddenly cut off, revealing the true nature of the scam. The victim realized he had been scammed and reported the incident to the local police.

To avoid falling victim to similar scams, several tips are recommended: 

Promises of high returns with little or no risk are typical red flags.

Always be cautious of unsolicited investment opportunities, especially those offered online.

Thoroughly research any investment opportunity before committing any money. 

Finally, never share personal financial information with unknown individuals or websites.

(Source: The Economic Times)