In recent years there has been a significant rise in cyber fraud. More and more people are falling prey to the tactics of scammers and fraudsters. The latest case of cyber fraud new is a shocker for the nation. The racket is led by a minor busted, and a rupees 97 lakh and 24 bank accounts. This blog post will take a closer look and see the shocking details.

The Modus Operandi

The Cyber racket was run by a 17-year-old boy, who employed 3 more people to commit this fraud. All the accused are residents of Ajmer in Rajasthan. Cyber crooks use to create fake accounts on social media platforms and befriend people. They would lure them into transferring the money to his accounts, promising them huge returns on their investment. Once the money was transferred, they would block the victim and disappear.

The boy set up a network of 15 bank accounts with different identities to make the transactions appear legitimate. These accounts were used to receive funds from victims and then transfer them to other accounts. To prevent detection, the money was moved around in a sophisticated network of transactions through 24 bank accounts associated with the crime.

How it came to light?

The fraud came to light when a 58-year-old woman filed a complaint stating that she had received a message from an unknown person offering a part-time job in ‘Global Advent Corp Official’ on her WhatsApp. The woman responded to the messages, and initially, she joined a telegram group where she was given multiple tasks and deposited some amount to earn handsome returns. Initially, she earned good returns.

After winning her trust, the accused requested the complainant invest $12,000 to achieve significant profits. According to a police official, the woman began depositing for different reasons offered by the accused and lost 4.32 lakh to the frauds, receiving no money in return.

Insights of Investigation

According to the police officer, the sum paid by the woman was deposited in a bank account owned by IDFC Bank in the name of DK Group and another account maintained by Yes Bank in the name of Shiv Shankar Paswan.

The authorities also discovered that the accused had opened many current accounts in their acquaintances’ names at several banks. After questioning various bank account holders, authorities learned about the primary accused, a 17-year-old. They discovered that he constantly changed his cell numbers and addresses, making it impossible for the police to apprehend him.

Further, during the investigation, the police officers confiscated 43 ATM cards, 25 Cheque books, 32 Sims, and 22 Mobile Phones from their possession. The minor, who is the mastermind of the racket, has been arrested and sent to Children’s home. The Police also said that the suspects were operating from 24 bank accounts, with 97 lacks frozen when the police informed the banks about the fraud.

The Impact on Victims

Cyber fraud victims suffer not only financially but also emotionally. Many of them feel violated and deceived since they trusted the scammer and thought they were making a genuine investment. The victims, in this case, were promised substantial profits on their investment, which induced them to part with their hard-earned money. Some even borrowed money or took out loans to participate in the plan.

The victims have suffered greatly because of the deception. Many have lost their entire life savings and are fighting to make ends meet. Some have even mentioned suicidal thoughts since they have no way out of their financial situation.

The Need for Increased Cyber Fraud Awareness and Protection The story of the minor-led cyber fraud is only one illustration of the expanding problem of cyber fraud. With more individuals utilising the Internet for financial transactions, it’s more vital than ever to be aware of the effects and take precautions.

Being wary when receiving unwanted texts or emails requesting money or personal information is one of the most efficient strategies to protect yourself from cyber fraud. Before completing any purchase or supplying any information, always confirm the validity of the person or organisation.

Using strong passwords and not sharing them with anyone is also critical. Maintain the most recent security updates and antivirus software on your PC and mobile devices, and void conducting financial transactions on public Wi-Fi networks.

Steps to protect ourselves

  • Do your homework: Before applying for any job online, do your homework on the firm and the job posting. To determine whether a company is authentic, look at its website, social media accounts, and internet reviews. Look for red flags like language and grammar mistakes, unrealistic job descriptions, or personal or financial information requests.
  • Unsolicited employment offers should be avoided: If you receive an unsolicited job offer by email, social media, or text message, proceed with caution. Scammers frequently use phoney job advertising to entice unwary victims. Before answering, confirm the validity of the employment offer.
  • Never pay for a job: Legitimate employers will never ask you to pay for a position. If a job posting requests money upfront, it is most certainly a hoax.
  • Protect your personal information: Never give out personal information to a potential employer, such as your social security number, bank account information, or credit card information, until you are certain they are authentic.
  • Trust your instincts: If something about a job posting or a possible employer doesn’t feel right, trust your intuition and walk away.
  • Use reliable job search websites: To find jobs, use well-known job searches websites such as LinkedIn, indeed, and Glassdoor. Many websites include built-in fraud protection features to prevent job searchers from scammers.
  • Be cautious of work-from-home scams: Avoid job postings that promise easy money from home. Scammers frequently use work-from-home schemes to dupe consumers into handing them money or personal information.

Conclusion: The case has highlighted that cybercriminals can be of any age group. Since crime has been created behind the screens, they explore the vulnerabilities, highlighting the need for greater awareness and protection against is essential to understand anyone can be a victim of such a scam or fraud, and the consequences can be devastating. Let’s take the necessary steps to protect ourselves and be financially safe online.


Author : Ms. Tanushree Saxena, Trainer, CyberPeace

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