Looking at the alarming rise, the cyber crime police have now formed a special team to probe such cases.
In just four months, Bengalureans lost a whopping Rs 197 crore to fraudulent investment schemes. A total of 735 cases have been registered with zero recovery, while only 10% of bank accounts have been frozen.
In February alone, on an average eight cases were registered every day across different police stations. In the 237 cases registered, people lost Rs 88 crore. The National Institute of Securities Markets (NISM) has labelled them Ponzi or get-richquick schemes that offer unreasonably or impossibly high returns.
This story is from the May 23, 2024 edition of The Morning Standard.
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This story is from the May 23, 2024 edition of The Morning Standard.
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