We all dream of finding a reliable expert to grow our savings, but even the most careful among us can fall victim to scams. An unfortunate example of this is the case of an IAS officer who was scammed by financial expert of over Rs 1 crore.
How it all began
It started in 2023, when the officer was introduced to this so-called ‘financial specialist’ by a relative in Gurgaon. He portrayed himself as a seasoned professional in currency trading and promised lucrative returns. “He mentioned he was an expert in financial market investments and claimed to generate significant profits through currency trading,” the officer reported.
When they met in Delhi, he demonstrated examples of substantial returns he had allegedly earned for other clients, showcasing graphs and figures on his laptop. He boasted of managing investments worth Rs 60-70 crore. He also revealed that he aimed to boost this to Rs 100 crore to secure a business licence. To achieve this, he persuaded her to lend him her savings, promising generous returns in return.
Went with the flow
Despite initial hesitation and concerns about the safety of her money, the IAS officer was swayed by his reassurances. Trusting his promises, she transferred Rs 1.9 crore between September and December 2023. The scammer even claimed that profits of Rs 75 lakh had already been made and that her funds would double by August 8, 2024.
However, trouble emerged when the officer faced a medical emergency in January 2024 and needed some of her funds. The man stalled, offering only empty promises. By March, he returned just Rs 25 lakh, but the rest of the money remained unreturned. Only then did the officer realise she had been swindled, prompting her to file a complaint at Tilak Marg police station.
This incident serves as a stark reminder: even professionals can fall prey to convincing con artists. Always thoroughly vet financial experts and safeguard your investments.
