To date, you might have come across multiple scams related to fake investment apps & websites that led to the loss of millions of capital. Most of the time, victims’ fund is circulated to multiple bank accounts making it difficult to track.
But have you ever wondered how scammers manage to circulate those funds so easily?
The methods can vary, but one recent case has raised serious questions about trust in banks and their employees. Mumbai Cyber Police uncovered a shocking connection between a banker and a scammer, revealing how funds were siphoned using insider access.
This case is a wake-up call, shedding light on the risks of sharing personal information with bank employees, even for the most legitimate reasons. It’s an eye-opener for anyone who assumes their financial details are always safe, just because they’re handed over to a trusted institution.
The Fake Investment App Trap
It all started when a victim from Mumbai, who in the hope of earning huge returns invested in a fake investment website. Later, when he wasn’t able to withdraw the funds reached out to cyber police to report the case.
As the victim, he joined a WhatsApp group with 101 members. In the app, the admin promised a 100% return on their investments. Not limited with this the group admin shared fabricated screenshots of investments as well.
This made him believe that he could also make money and hence he opened an account for the so-called investment.
The victim, thinking the platform to be safe and profitable, invested ₹72 lakh between July and September 2024. However, when he attempted to withdraw his funds, the platform failed to process his request, and his money was nowhere to be found.
He took quick action and filed a complaint with the cybercrime authorities.
The Banker’s Role in the Scam
During the investigation, the police uncovered a shocking twist: the scam wasn’t just about a fake app.
It had connections to a private bank, and the person behind it was none other than Rahul Tejsingh, the banker from Jaipur.
Tejsingh had used his access to the bank’s systems to open an account in the name of a client without proper authorization.
What’s more, he linked his own mobile number and email ID to this account, allowing him to control the funds. Tejsingh siphoned off ₹30 lakh from the account before his involvement came to light.
The police quickly arrested him, and further investigation revealed even more fraudulent activity linked to his role in the bank.
This clarifies how Tejsingh used his insider knowledge and privilege to access the client’s information for his benefit.
With access to banking systems, he was able to make unauthorized transfers and hide his tracks, leaving victims unaware of his actions until it was too late.
This case highlights the alarming vulnerability of the banking sector when employees misuse their access to financial systems.
It also underscores the need for stronger safeguards to prevent such incidents from happening in the future.
The Bigger Picture: Cyber Frauds on the Rise
This scam is just the latest example of a growing trend in cybercrime.
Almost every other day we come across such news where unsuspecting individuals are manipulated into investing large sums of money in fake schemes.
Often, these scams involve elaborate networks that prey on people’s trust, promising high returns and using social platforms like WhatsApp to spread false claims.
With the rise of digital finance and online investment platforms, investors must exercise caution.
Scammers are getting more sophisticated. They are using fake screenshots, convincing narratives, and even real-looking apps to trick people into parting with their hard-earned money.
What You Can Do to Protect Yourself
To avoid falling victim to such scams, always verify the legitimacy of any investment opportunity before committing your money.
Be cautious while clicking on any link received from an unknown source. Stay away from the promises of guaranteed returns, or apps that seem too good to be true.
It’s also wise to consult with a financial advisor or do thorough research before making large investments.
Additionally, always ensure that the platform is regulated by appropriate authorities. For example, in the case of stock market investment, apps & platforms must be registered with SEBI.
Conclusion
The arrest of Rahul Tejsingh is a wake-up call for both the banking industry and the general public.
It serves as a reminder that cyber fraud can happen anywhere, and it’s crucial to remain vigilant.
With scammers finding new ways to exploit both technology and trust, there is a need to be more aware & cautious.
It is important to check all details before investing or sharing details even with anyone associated with the reputed institution.
Stay safe, stay informed, and always double-check before making financial decisions online.
