Just days after Indian Prime Minister Narendra Modi warned of “digital arrests,” the nation’s investigative agencies announced they are stepping up efforts to combat cybercrime. The Enforcement Directorate (ED) in a statement on Saturday (November 2) announced that it has filed a criminal complaint against eight people in Bengaluru in connection with a large-scale scam involving “bogus” initial public offers (IPOs) and applications of fraudulent investments targeting ordinary citizens. .

An ED probe has revealed an extensive network of cyber scams operating in India, predominantly on social media platforms like Facebook, Instagram, WhatsApp and Telegram.

“Probes have uncovered a huge network of cyber scams in India, involving bogus stock market investments and digital arrest schemes, executed mainly through social media platforms like Facebook, Instagram, WhatsApp and Telegram,” the ED said in a communicated.

“Known as ‘pig butchering’ scams, stock market investment scams lure victims with promises of high returns using fake websites and fraudulent WhatsApp groups that appear to be connected to reputable financial firms,” ​​it added.

The emergency service said some of the victims of this scam were “manipulated” by the scammers using false arrests. Criminals pose as officials from agencies such as the Customs Department or the Central Bureau of Investigation (CBI), coerce victims into transferring large sums of money by inventing scenarios that falsely implicate them in illegal activities. This method of psychological manipulation can devastate victims financially and emotionally.

The ED chargesheet, filed on October 10, identifies the eight accused as Charan Raj C, Kiran SK, Shahi Kumar M, Sachin M, Tamilarasan, Prakash R, Ajith R and Aravindan, along with 24 associated shell companies. All the accused persons are currently in judicial custody, with the ED claiming that the total proceeds from these cyber crimes amount to a staggering 159 million RON.

According to the ED findings, the criminals obtained numerous SIM cards linked to the bank accounts of the shell companies, which were then used to create untraceable WhatsApp accounts. This anonymity gave them the means to execute their scams with a significantly reduced risk of detection. Criminals have set up 24 shell companies in Tamil Nadu, Karnataka and other states to facilitate the laundering of illicit proceeds.

In view of the escalating threat, the Indian Cyber ​​Crime Coordination Center (I4C) has issued a public advisory to the public, urging them to ‘Beware of Digital Arrests’. They warned that “those making video calls are not police, CBI, customs officials or judges” but are in fact cybercriminals.

The advisory encourages anyone who comes across such scams to promptly report them through the National Cyber ​​Crime Helpline at 1930 or by visiting the website www.cybercrime.gov.in.

Last month, during his ‘Mann ki Baat’ radio address on October 27, Prime Minister Modi emphasized the need for public awareness, encouraging citizens to adopt a mantra of “stop, think and act” when faced with potential scams.

(With contributions from agencies)