Retired IAF officer loses Rs 76.5 lakh after falling for a Facebook ad: Here’s how the scam unfolded

In today’s digital age, online advertisements are often seen as a way to discover new opportunities. But sometimes, these ads can turn out to be traps for unsuspecting individuals. A 65-year-old retired IAF from Bengaluru recently found himself caught in such a scam, losing Rs 76.5 lakh. His story is a painful reminder of how easy it is to fall victim to online fraud.

Jacob (name changed), a former group captain of IAF, came across a Facebook ad promoting high returns on stock market investments under the name ‘Religare Broking Limited.’ The ad promised easy profits through a scheme that didn’t require any actual investment.  

Intrigued, Jacob contacted the mobile number listed in the ad, which led him down a path of deceit. The fraudsters convinced Jacob to download an app called ‘RBL High Networth,’ where he shared his personal and banking details. He was soon added to a WhatsApp group named ‘RBL Securities,’ where there were many members, reports TOI.

Also read: Kerala man loses Rs 4.05 cr after being tricked into installing a fake investment app

The group was filled with messages and screenshots of successful investments, making Jacob believe that the entire setup was genuine. Encouraged by the positive stories, Jacob started transferring money into various accounts provided by the fraudsters.

The scammers even created fake apps mimicking those of well-known companies and falsely assured him they were registered with the Securities and Exchange Board of India (SEBI). Each time Jacob transferred money, the app showed profits, making him think his investments were growing.

Between September 5 and October 19, Jacob sent Rs 76.5 lakh in multiple transactions. However, when he tried to withdraw his money, the scammers started demanding more, citing additional charges like taxes and processing fees. When Jacob refused to pay, they cut all communication. Realising he had been scammed, he approached the police.

Also read: Mangaluru man loses over Rs 16 lakh after being added to a WhatsApp group: Here’s what happened

How to protect yourself from such scams

• Verify the source: Always double-check the legitimacy of ads, especially those that promise high returns. Look for official websites or trusted platforms before making any investments.
• Don’t share personal details: Be cautious when sharing personal information, including banking details, with unknown entities.
• Look for red flags: If an offer seems too good to be true, it likely is. Avoid deals that pressure you into quick decisions or transferring money urgently.
• Report suspicious activity: If you encounter a suspicious ad or have been targeted by scammers, report it to authorities immediately to prevent further damage.