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In the last two years, there has been a rapid rise in scams in India and a lot of people have lost their hard-earned money after trusting strangers for financial advice. Be it a fraudulent app, being added to a shady WhatsApp group, or receiving phone calls from strangers that sound too good to be true, many cases have come to light. Now, in a new incident, a doctor from Thane, Maharashtra, was misled by three Karnataka-based suspects who promised earnings via a municipal contract to supply medical equipment, costing him ₹3.84 crore. Despite investing over a three-year period, he saw no returns and reported the crime to the Naupada police, who have registered a case but made no arrests. Thane doctor tricked by false municipal contract According to a PTI report, a 39-year-old doctor in Thane, Maharashtra was deceived by three men from Karnataka. These fraudsters offered him lucrative returns through a supposed municipal contract for supplying medical equipment. Convinced by the promise of reliable profits, the doctor began investing heavily in December 2020, making significant contributions until March this year. The doctor’s substantial investment – totalling ₹3.84 crore – was made over multiple transactions from December 2020 and March this year, in anticipation of high returns that never materialised. Suspicion finally arose after the doctor had seen no profits despite his repeated investments. Recognising he may have been defrauded, he reached out to the Naupada police station, who registered a case under charges of cheating. While no arrests have been made so far, authorities have launched an investigation to track down the perpetrators and recover the funds if possible. A police official told PTI, "The man approached police after he did not get profits or any return on investment. We have registered a case of cheating but have not arrested anyone." Ahmedabad gynaecologist duped in <keyword id="21361161" type="General" weightage="100" keywordseo="stock-market-scam" source="keywords">stock market scam</keyword> In a similar incident, a gynaecologist from Ahmedabad lost ₹1.1 crore to a scam that began with a social media advertisement. Attracted by the potential for substantial stock market returns, the doctor engaged with a group promising expert tips and was subsequently added to a WhatsApp group where members shared investment insights. Through this group, he was introduced to a web link for stock and IPO investments, along with an application that required his banking details and identification documents. A PTI report revealed that the doctor’s initial investment of ₹50,000 yielded a profit of ₹10,000, which he successfully withdrew. This initial success encouraged him to make larger investments, transferring ₹1.1 crore through multiple transactions in pursuit of higher gains. When he later attempted to withdraw his funds, he was unexpectedly asked to pay 20% of his total profits. After refusing this demand, he was removed from the WhatsApp group and realised the extent of the deception. He contacted Cybercrime police in February, and after months of waiting, a formal case was registered against unknown suspects under charges of breach of trust and cheating, alongside provisions of the <keyword id="20003647" type="General" weightage="20" keywordseo="information-technology-act" source="keywords">Information Technology Act</keyword>.

Thane doctor gets cheated of ₹3.84 crore, was promised high financial returns by 3 men

India’s banks can breathe a sigh of relief. On May 8th, a UK court upheld a decision by the <keyword id="6511712" type="ORGANIZATION" weightage="20" keywordseo="karnataka-debt-recovery-tribunal">Karnataka Debt Recovery Tribunal</keyword> regarding <keyword id="6360137" type="COMPANY" weightage="20" keywordseo="kingfisher">Kingfisher</keyword> tycoon <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>’s outstanding dues and maintained a worldwide freeze on his assets. The freeze will prevent Mallya from selling any assets in the England and Wales. Mallya is wanted in India for suspected fraud and money laundering. As a result, a consortium of 13 Indian banks - which includes the state-owned <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword>, IDBI Bank and Punjab National Bank - who extended loans to Mallya’s now-defunct Kingfisher Airlines will be able to to collect $1.55 billion worth of claims against his assets in the UK. The prosecution, which was representing the banks, successfully argued that Mallya “willfully defaulted” on the loans in spite of his considerable financial resources. The case reportedly marked the first time a ruling by an Indian tribunal had been registered in a UK court. Most importantly, it sets a precedent wherein a worldwide freeze can be imposed on a <keyword id="2168141" type="PERSON" weightage="20" keywordseo="Wilful-defaulter">wilful defaulter</keyword>’s assets. The ruling will also give the Indian government’s extradition proceedings against Mallya, which are expected to conclude in July 2018, a much-needed boost. To add insult the injury, the UK court has also barred Mallya’s legal team from appealing the ruling. If they wish to seek recourse, they will have no option but to directly petition the UK’s Court of Appeals. Mallya was <a href="https://www.nytimes.com/2017/04/18/business/vijay-mallya-extradition.html">arrested in April 2017 </a>on an extradition warrant over charges of defrauding his Indian creditors of $1.4 billion in loans. Currently out on bail, he has been absconding in England since March 2016 and refuses to come back to India over fears of an unfair trial. He has several cases pending against him in India over money laundering, tax evasion and credit defaults.

UK court allows Indian banks to collect claims worth $1.55 billion from tycoon Vijay Mallya

<ul class="summary-list"><li>Around 76 locations were raided across 12 Indian states in a crackdown on tech support scam calls.</li><li>India's Central Bureau of Investigations is working with Amazon and Microsoft to combat scammers.</li></ul>India has been cracking down on tech support scammers in an effort to "combat and dismantle" finance-related cyber crime, officials announced on Thursday.Officials raided around 76 suspected illegal call center locations across India, in several different states, according to a press release from <a href="https://twitter.com/CBIHeadquarters/status/1715013792697045503/photo/1" target="_blank" rel="noopener">India's Central Bureau of Investigations</a>. These raids were part of a police operation called Chakra-II. The scammers often pretend to work for reputable companies like Microsoft and Amazon, according to a press release from <a href="https://www.aboutamazon.com/news/policy-news-views/amazon-microsoft-protect-against-impersonation-scams" target="_blank" rel="noopener">Amazon</a>. Now, Amazon and Microsoft are teaming up with CBI and international law enforcement in an effort to cut down on the calls. Many of these scammers target Americans, with over 2,000 people being impacted, according to Amazon. Countries like Canada, Australia, the UK, Germany, and Spain have also been affected. Law enforcement seized 32 phones, 48 laptops and hard discs, and 33 SIM cards and froze several bank accounts amid the raid of the 76 locations, according to CBI. The locations were in Indian states including Bihar, Dehli, Haryana, Himachal Pradesh, Karnataka, Kerala, Madhya Pradesh, Punjab, Tamil Nadu, Uttar Pradesh, and West Bengal. The <a href="https://pdf.live/edit?url=https%3A%2F%2Fwww.ic3.gov%2FMedia%2FPDF%2FAnnualReport%2F2022_IC3Report.pdf&amp;guid=2ddc7657-c83a-6076-17bc-72ec9ddcb2b2&amp;installDate=070723&amp;source=google-d_pdftab_crx" target="_blank" rel="noopener">FBI</a> estimates that in 2022, over 32,000 people were targeted by tech and customer support scams, with over $800 million in losses. Amazon said it has a "zero tolerance" policy for scammers pretending to be part of the company. It has taken down over 20,000 phishing websites and 10,000 phone numbers associated with fraud scams.Oftentimes, scammers will target <a href="https://www.businessinsider.com/why-its-so-easy-to-scam-old-people-2012-8" target="_blank" rel="noopener">elderly</a> victims, with 69% of victims being 60 or older, according to the FBI. Ensuring that you and your loved ones are aware of the warning signs of a scam call or phishing email or text can help them avoid being tricked into handing away sensitive information.Microsoft and other reputable tech companies will never contact you via phone call, email, or text to tell you that there's a problem with your device, Microsoft Security's Doug Thomas said in a <a href="https://www.youtube.com/watch?v=IkREEmr0maw" target="_blank" rel="noopener">YouTube</a> video. He also said that pop-up messages from reputable companies won't include a phone number that you need to call to get help. Amazon recommends that anyone who suspects they're being scammed report the activity to <a href="https://affiliate.insider.com?amazonTrackingID=biauto-63823-20&amp;h=52b2ea51ffa357f3d904f0652b1ce5e62088fb9c8234f130aa0cabb3980cc9a7&amp;postID=6532e079e20e2d7dddac5183&amp;postSlug=scam-call-centers-crackdown-raids-india-microsoft-amazon-2023-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.amazon.com%2Fgp%2Fhelp%2Fcustomer%2Fdisplay.html%3FnodeId%3DGRGRY7AQ3LMPXVCV" target="_blank" rel="noopener">amazon.com/reportascam</a> or email stop-spoofing@amazon.com.

Around 76 locations were raided in India as part of a crackdown on phony tech support scam calls

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Thane doctor gets cheated of ₹3.84 crore, was promised high financial returns by 3 men

Divyanshi Sharma

UK court allows Indian banks to collect claims worth $1.55 billion from tycoon Vijay Mallya

Dilsher Dhillon

Around 76 locations were raided in India as part of a crackdown on phony tech support scam calls

Haley Tenore

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