The Cyber Crime Wing of the Greater Chennai Police has issued an advisory on online investment scams targeting people using the name of reputed financial firms.
The police said there has been an increase in online investment scams recently, in which fraudsters use the names of reputed financial institutions to cheat innocent people.
The Cyber Crime Police Station, Central Crime Branch, has received several complaints about fraudsters misusing the nameĀ of IIFL Capital Ltd.Ā Victims are being lured through social media advertisements, added to WhatsApp groups in the name of IIFL Capital Ltd., and then induced to transfer money on false promises of high profits.
Gaining trust
A police officer said the fraudsters initially allow withdrawal of small amounts to gain the trust of victims and later coerce them into depositing large sums to āunlockā their funds. Victims are instructed to transfer money only to third-party bank accounts, unrelated to IIFL, and no official SEBI-mandated receipts or contract notes are ever issued. The investment application used by these fraudsters is fake.
In case of online financial fraud, members of the public are requested to contact Cyber Crime Helpline Number 1930 for assistance or register complaint on www.cybercrime.gov.in.
Published ā August 31, 2025 12:52 am IST
