3,000 unemployed Visakhapatnam residents cheated by investment scam

The fraudsters designed a fake app, falsely claiming a tie-up between Samsung Products and SBI. As the victims realized they had been scammed, they rushed to the police station. A WhatsApp group was created for all the victims, with many members hailing from Vizag.

Victims were lured into investing in the app with promises of high returns on shares. The scammers issued fake certificates alleging a partnership between Samsung and SBI. Initially, the victims started with small investments of around Rs 1,000. However, as their investments grew to Rs 1 or 2 lakhs, they stopped receiving returns. The app was set up as an investment platform, urging people to invest in a fictitious Samsung inventory, including products like gold, fridges, and electronics.

Visakhapatnam has seen a rise in scams targeting residents lately, and the Vizag City Police has been proactive in spreading awareness about the issue. Along with investment scams, other frauds commonly going around include Bank Employee Impersonations, Medical Lab Scams, TRAI Official Impersonations, Courier Scams, Online Stock Trading Scams, E-Challan Scams, and more. There are several videos on Vizag City Police’s YouTube account, informing people how the scams lure and cheat victims that one can watch to stay aware.

Furthermore, anyone who receives suspicious phone calls or messages, or are victims of this investment scam are advised to contact the Visakhapatnam Cyber Crimes cell at +91 94906 17917.

Read also- Top scams going around in Visakhapatnam, according to the Vizag City Police

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