CHENNAI: The Greater Chennai Police (GCP), following mounting numbers of cyber fraud cases, has issued a warning to the general public to be wary of cyber scammers impersonating reputed financial institutions online and luring gullible members of the public to invest with them.
An official release pointed out that the Cyber crime wing of the Chennai police has received several complaints about fraudsters misusing the name and branding of IIFL Capital Ltd trading platform.
Victims are being lured through social media advertisements and added to WhatsApp groups in the name of IIFL Capital Ltd, where they are encouraged to transfer money with false promises of high profits.
The scammers initially allow small withdrawals to gain trust and later coerce victims into depositing larger sums to "unlock" their funds, an official release said. "Victims are instructed to transfer money only to third-party bank accounts unrelated to IIFL, and no official SEBI-mandated receipts or contract notes are ever issued. The so-called investment application used by these fraudsters is fake," the release added.
GCP Commissioner A Arun has cautioned the public to be extremely careful about online advertisements, fake investment apps, and high-profit investment promises and advised the public not to transfer money into unknown bank accounts or trust social media groups offering trading opportunities.
To register or report cybercrime, complaint can be made on www.cybercrime.gov.in or via the 1930 helpline number.