New Delhi – Cybercriminals based in Hong Kong and Thailand have formed a gang in India, which aims to defraud people. This gang has earned illegal money of Rs 159.70 crore, which is proof of how organized and widespread cybercrime has become. Strict action is needed against these types of crimes so that the general public can be kept safe. Various methods of cybercrime and fraud in India have been revealed in the investigation of the Enforcement Directorate.
It has been seen how criminals cheat people by posing as fake CBI and fake customs officers. Apart from this, attempts have been made to invest the money earned through banking fraud and digital arrest through shell companies. All this together forms a complex network, which targets common citizens.
Cyber fraudsters have trapped innocent individuals in their trap by luring them with attractive schemes for investing in the stock market through fake IPO allotment and fraudulent apps. By promising high returns, these criminals easily usurp people’s hard-earned money. For this, they have resorted to social media platforms like Facebook, Instagram, WhatsApp and Telegram, which has increased their reach even more.
According to the ED, using various techniques related to digital arrest and cyber crime, people were transferred huge amounts of money to several shell companies under the fake ‘fund regularization process’. The accused resorted to methods like fake stock market, investment and digital arrest. They used to trap people mainly using social media platforms like Facebook, Instagram, WhatsApp and Telegram. This method is also known as ‘pig-butcher’ scam.
Through the fake stock market and investment scam, the accused assured the victims of high returns. They resorted to fake websites and deceptive WhatsApp groups. Some groups were created that gave the impression of being associated with reputed financial institutions, which increased people’s trust in these fraudsters. The accused further strengthened their net by using fake advertisements and fabricated success stories. Thus, they adopted a well-planned strategy to deceive people, due to which many people fell into their trap and suffered huge losses.
