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Hindustan Times
23-05-2025
- Business
- Hindustan Times
Bengaluru teen, 19, duped of ₹3.7 Crore in investment scam, police launch search for accused: Report
A 19-year-old engineering student from Bengaluru's Yelahanka New Town was duped of ₹3.7 crore in a sophisticated online stock market scam that began with a Facebook post and spiraled into an international fraud involving fake investment platforms and forged profit dashboards. Also Read - BBMP urges Bengaluru residents to report park entry denials, reaffirms extended timings According to a report in The Times of India, the victim filed a complaint with the East CEN police on May 19. According to his statement, he first came across a social media advertisement in February that promised high returns through stock market investments. Curious and eager to earn extra income, he responded to the post and was soon added to a WhatsApp group called "Wealth Architects." The group appeared highly professional. It was managed by individuals using the names Aryan Mehta, Ishan Mehta, and Avni Sharma, who claimed to represent a reputed global investment firm named 'Rockefeller Capital'. Group chats included regular market tips and testimonies of profits shared by supposed investors—tactics that gave an illusion of authenticity and success. The student initially invested small amounts ranging from ₹10,000 to ₹15,000. Encouraged by the returns credited to his bank account, he continued to send larger sums. He was then asked to open a demat account through a link to a platform called 'Kopernik' and was guided by someone who introduced themselves as Nicole Taylor. The student was taught how to monitor his growing profits, which seemed to show a daily rise of 10–20%. Also Read - Nine-month-old tests positive for Covid-19 in Bengaluru What began as a minor investment quickly escalated. Trusting the platform and its apparent gains, the student borrowed from friends and family to invest more. His parents also began contributing, reassured by the screenshots of rising account balances. Within weeks, he had transferred ₹1.4 crore, with the dashboard reflecting an inflated ₹3.8 crore, including fake profits. The scam deepened when the student was encouraged to invest in an IPO promising tenfold returns. Following the transaction, his account displayed a whopping ₹7.7 crore. But when he attempted to withdraw the funds, he was told the account had been frozen by the "US Stock Exchange Commission" due to suspicious activity. To unfreeze it, he was asked to pay a ₹40 lakh margin. Still unaware he was being defrauded, he made the payment—only to be told later that another ₹78 lakh was required as a 5% 'service fee.' When he asked for the amount to be deducted from the existing balance, the fraudsters refused, raising his suspicions. His attempts to contact the group members failed—most phones were switched off. While some messages in the group claimed successful withdrawals after the additional payment, the entire WhatsApp group was disbanded on May 4. Members were directed to a new Telegram group with 58 participants, but it lacked the previous activity. Police officials confirmed the victim had transferred money across 11 bank accounts. 'We are working with the banks to freeze the accounts and trace the money. A few lakhs have been recovered so far,' a senior officer involved in the case told to the publication.
Time of India
22-05-2025
- Business
- Time of India
Bengaluru student bites ‘high return' bait, loses Rs 3.7 crore in stock market scam
Bengaluru: A 19-year-old engineering student from Yelahanka New Town lost Rs 3.7 crore in an online stock market scam after falling prey to fraudsters posing as representatives of an investment firm. Zeeshan (name changed) also involved his parents in the scheme after initially receiving small returns. A senior police officer confirmed that the student had transferred ₹3.7 crore across 11 bank accounts. "We are working with banks to freeze the accounts. A few lakhs have been traced so far," the officer said. According to Zeeshan's complaint filed with East CEN police on May 19, he came across a Facebook post in Feb promising high returns on investments in the stock market. After contacting a phone number shared in the post, he was on March 1 added to a WhatsApp group titled 'Wealth Architects', where members discussed trades in Indian and US stock markets. The group was run by individuals using the names Aryan Mehta, Ishan Mehta, and Avni Sharma, who claimed to represent 'Rockefeller Capital'. Zeeshan was persuaded by the activity in the group, including profit claims shared by other members. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo He began sending small amounts like Rs 10,000–Rs 15,000 to the bank accounts provided by the fraudsters. Initial returns credited to his account helped build his trust. Subsequently, Zeeshan was asked to open a demat account through a link shared on WhatsApp, allegedly with a platform called 'Kopernik'. He was guided by someone using the name Nicole Taylor on how to transfer money and monitor profits. Transactions made via RTGS appeared as the balance in the demat account, showing a daily increase of 10–20%. Encouraged by the "profit" shown on the platform, Zeeshan borrowed heavily from his friends and relatives. He showed the returns to his parents , who also began investing through him. Within weeks, Zeeshan had transferred Rs 1.4 crore, with the account reflecting a cumulative Rs 3.8 crore including "profits". The fraud continued with Zeeshan encouraged to apply for an Initial Public Offering (IPO), which promised 10 times returns. His account balance showed Rs 7.7 crore post-IPO. However, when he attempted to sell the shares, he was told he would need to pay a Rs 40 lakh margin to unblock the demat account, claimed to be frozen by the "US Stock Exchange Commission" due to suspicious activity. Zeeshan, who had already "invested" nearly Rs 3.3 crore by then, paid the Rs 40 lakh, but access was still denied. The fraudsters then demanded an additional Rs 78 lakh as a 5% service fee. When Zeeshan asked for the amount to be deducted from the account balance, they refused. At this point, he grew suspicious. Attempts to contact other group members failed as most phones were unreachable. Some messages in the group claimed successful withdrawals post-payment. On May 4, members were told to exit the WhatsApp group, and communications shifted to a Telegram group with 58 members. Zeeshan informed police that the fraudsters remained active on WhatsApp even after he filed the complaint.
Toronto Star
13-05-2025
- Automotive
- Toronto Star
How to insure yourself so it's cheaper, effective and tailored to your life phase
Most young people engage with insurance only when legally required — auto, tenant, or home insurance. Typical advice for saving on these types include shopping around, bundling with other kinds of insurance, and raising your deductible to lower premium payments. You can also ask for discounts, according to the Insurance Bureau of Canada: if you are mortgage-free, claims-free, or have upgraded your home against fire and flooding, you can likely get a better deal on your home insurance. ARTICLE CONTINUES BELOW For drivers, installing a theft deterrent or a usage-based insurance app which tracks your driving habits can reduce your auto premiums. Keeping a clean driving record is also key, the bureau advises. Your broker or insurer can help find savings within your policy. Non-mandatory insurance is a lesser-known game, however. In terms of other valuable items worth protecting, there's your health, your ability to work, and your life. And young people are vastly underinsured, said Kenneth Doll, a Calgary-based financial planner with Wealth Architects and a life insurance consultant who offers fee-based advice. 'It's like many things in life — there needs to be a trigger,' he said. 'There needs to be an event that takes place that leads them to purchase insurance. It could be buying a house, having children, getting married.' Or sometimes there will be a tragic event that spurs them, said Rob Tétrault, head of the Tetrault Wealth Advisory Group at CG Wealth Management, in Winnipeg. Perhaps a friend dies and their spouse is left without insurance, he pointed out, and a young family to support alone. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 'Most people need a push in order to get insurance,' Tétrault said. 'And then they'll say, 'What happens to my kids if that happened to me?' 'Insurance doesn't feel urgent, right? It's just something that's on the back burner, kind of like making a will. Until it's too late, and then one day you're not insurable.' The unfortunate part of young people being underinsured, he added, is that's when insurance is the cheapest — premiums are based on age and health. For life insurance, there's term and permanent coverage, Doll said. Term life insurance expires after a set time, making premiums more affordable. A common term is 20 years, Doll explained, which is usually purchased once someone is responsible for someone else — a spouse, or children. If an income-earner dies, the mortgage still needs to be paid, the children still need to be raised. 'The thinking is: after 20 years, the children will be somewhere around 20, and their mortgage will be close to paid off,' Doll said. 'So at the end of the term, they may let [the policy] go. They may think, 'We made it through, nothing happened.'' Renewing for another term is possible but more expensive since you are older, he said. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Permanent insurance lasts the rest of your life and is more costly. You can also structure your coverage with a bit of both, Doll said — buying a small permanent policy for $100,000 when you're young and it's cheaper, and then a term policy for $900,000 when you have kids. Your coverage when you need it most — children are young, paying down the house — would total $1 million. 'As people go through the different stages of life, life insurance changes its purpose along with you,' Doll said. 'As people approach retirement, permanent insurance becomes an important conversation because people want to have some insurance for the rest of their life. 'It's also the most cost effective way to pay capital gains taxes upon death. So it becomes an estate planning tool after about age 55 or 60.' Disability insurance also replaces income if you are unable to work, while critical illness insurance provides a lump sum payment upfront if you become sick, Tétrault said. This lump sum can be used for flights, medical treatments, and breaks from work. 'Think of high-earning professionals — dentists, lawyers, doctors — they typically have [disability insurance] in place,' Tétrault said. 'If they fall ill, or their back goes, then they'll have income replacement.' ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW When a family member was diagnosed with cancer, Tétrault said critical illness insurance helped pay for flights to the Mayo Clinic for a second opinion, as well as treatments. Financial professionals can advise clients on insurance needs, Tétrault said, noting that insurance is often part of a broader financial plan: 'to mitigate risk, to protect capital, to reduce taxes, to ease an estate transfer.' It's worth talking to your partner about what life would look like if one person passed away or was unable to work. 'If it's a complete disaster, and there's no way you're paying the mortgage, and you'd have to sell, or maybe you can't even pay your rent — just have a conversation,' Tétrault said. 'Insurance is usually very affordable at a young age.' Although some jobs offer life or disability insurance as part of their benefits, they are often not enough to replace income for many years, Doll said. When asking people how big a lottery win would allow them to retire, Doll pointed out most people say $2 million or $3 million. But when talking about life insurance, they think $200,000 coverage or that workplace benefits is enough. 'The number should be the same as the lottery, because you're dying, you're not coming back,' Doll said. 'You're not earning another penny.' This report by The Canadian Press was first published May 13, 2025.
Winnipeg Free Press
13-05-2025
- Automotive
- Winnipeg Free Press
How to insure yourself so it's cheaper, effective and tailored to your life phase
Most young people engage with insurance only when legally required — auto, tenant, or home insurance. Typical advice for saving on these types include shopping around, bundling with other kinds of insurance, and raising your deductible to lower premium payments. You can also ask for discounts, according to the Insurance Bureau of Canada: if you are mortgage-free, claims-free, or have upgraded your home against fire and flooding, you can likely get a better deal on your home insurance. For drivers, installing a theft deterrent or a usage-based insurance app which tracks your driving habits can reduce your auto premiums. Keeping a clean driving record is also key, the bureau advises. Your broker or insurer can help find savings within your policy. Non-mandatory insurance is a lesser-known game, however. In terms of other valuable items worth protecting, there's your health, your ability to work, and your life. And young people are vastly underinsured, said Kenneth Doll, a Calgary-based financial planner with Wealth Architects and a life insurance consultant who offers fee-based advice. 'It's like many things in life — there needs to be a trigger,' he said. 'There needs to be an event that takes place that leads them to purchase insurance. It could be buying a house, having children, getting married.' Or sometimes there will be a tragic event that spurs them, said Rob Tétrault, head of the Tetrault Wealth Advisory Group at CG Wealth Management, in Winnipeg. Perhaps a friend dies and their spouse is left without insurance, he pointed out, and a young family to support alone. 'Most people need a push in order to get insurance,' Tétrault said. 'And then they'll say, 'What happens to my kids if that happened to me?' 'Insurance doesn't feel urgent, right? It's just something that's on the back burner, kind of like making a will. Until it's too late, and then one day you're not insurable.' The unfortunate part of young people being underinsured, he added, is that's when insurance is the cheapest — premiums are based on age and health. For life insurance, there's term and permanent coverage, Doll said. Term life insurance expires after a set time, making premiums more affordable. A common term is 20 years, Doll explained, which is usually purchased once someone is responsible for someone else — a spouse, or children. If an income-earner dies, the mortgage still needs to be paid, the children still need to be raised. 'The thinking is: after 20 years, the children will be somewhere around 20, and their mortgage will be close to paid off,' Doll said. 'So at the end of the term, they may let [the policy] go. They may think, 'We made it through, nothing happened.'' Renewing for another term is possible but more expensive since you are older, he said. Permanent insurance lasts the rest of your life and is more costly. You can also structure your coverage with a bit of both, Doll said — buying a small permanent policy for $100,000 when you're young and it's cheaper, and then a term policy for $900,000 when you have kids. Your coverage when you need it most — children are young, paying down the house — would total $1 million. 'As people go through the different stages of life, life insurance changes its purpose along with you,' Doll said. 'As people approach retirement, permanent insurance becomes an important conversation because people want to have some insurance for the rest of their life. 'It's also the most cost effective way to pay capital gains taxes upon death. So it becomes an estate planning tool after about age 55 or 60.' Disability insurance also replaces income if you are unable to work, while critical illness insurance provides a lump sum payment upfront if you become sick, Tétrault said. This lump sum can be used for flights, medical treatments, and breaks from work. 'Think of high-earning professionals — dentists, lawyers, doctors — they typically have [disability insurance] in place,' Tétrault said. 'If they fall ill, or their back goes, then they'll have income replacement.' When a family member was diagnosed with cancer, Tétrault said critical illness insurance helped pay for flights to the Mayo Clinic for a second opinion, as well as treatments. Financial professionals can advise clients on insurance needs, Tétrault said, noting that insurance is often part of a broader financial plan: 'to mitigate risk, to protect capital, to reduce taxes, to ease an estate transfer.' It's worth talking to your partner about what life would look like if one person passed away or was unable to work. Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. 'If it's a complete disaster, and there's no way you're paying the mortgage, and you'd have to sell, or maybe you can't even pay your rent — just have a conversation,' Tétrault said. 'Insurance is usually very affordable at a young age.' Although some jobs offer life or disability insurance as part of their benefits, they are often not enough to replace income for many years, Doll said. When asking people how big a lottery win would allow them to retire, Doll pointed out most people say $2 million or $3 million. But when talking about life insurance, they think $200,000 coverage or that workplace benefits is enough. 'The number should be the same as the lottery, because you're dying, you're not coming back,' Doll said. 'You're not earning another penny.' This report by The Canadian Press was first published May 13, 2025.
Yahoo
13-05-2025
- Automotive
- Yahoo
How to insure yourself so it's cheaper, effective and tailored to your life phase
Most young people engage with insurance only when legally required — auto, tenant, or home insurance. Typical advice for saving on these types include shopping around, bundling with other kinds of insurance, and raising your deductible to lower premium payments. You can also ask for discounts, according to the Insurance Bureau of Canada: if you are mortgage-free, claims-free, or have upgraded your home against fire and flooding, you can likely get a better deal on your home insurance. For drivers, installing a theft deterrent or a usage-based insurance app which tracks your driving habits can reduce your auto premiums. Keeping a clean driving record is also key, the bureau advises. Your broker or insurer can help find savings within your policy. Non-mandatory insurance is a lesser-known game, however. In terms of other valuable items worth protecting, there's your health, your ability to work, and your life. And young people are vastly underinsured, said Kenneth Doll, a Calgary-based financial planner with Wealth Architects and a life insurance consultant who offers fee-based advice. 'It's like many things in life — there needs to be a trigger,' he said. 'There needs to be an event that takes place that leads them to purchase insurance. It could be buying a house, having children, getting married.' Or sometimes there will be a tragic event that spurs them, said Rob Tétrault, head of the Tetrault Wealth Advisory Group at CG Wealth Management, in Winnipeg. Perhaps a friend dies and their spouse is left without insurance, he pointed out, and a young family to support alone. 'Most people need a push in order to get insurance,' Tétrault said. 'And then they'll say, 'What happens to my kids if that happened to me?' 'Insurance doesn't feel urgent, right? It's just something that's on the back burner, kind of like making a will. Until it's too late, and then one day you're not insurable.' The unfortunate part of young people being underinsured, he added, is that's when insurance is the cheapest — premiums are based on age and health. For life insurance, there's term and permanent coverage, Doll said. Term life insurance expires after a set time, making premiums more affordable. A common term is 20 years, Doll explained, which is usually purchased once someone is responsible for someone else — a spouse, or children. If an income-earner dies, the mortgage still needs to be paid, the children still need to be raised. 'The thinking is: after 20 years, the children will be somewhere around 20, and their mortgage will be close to paid off,' Doll said. 'So at the end of the term, they may let [the policy] go. They may think, 'We made it through, nothing happened.'' Renewing for another term is possible but more expensive since you are older, he said. Permanent insurance lasts the rest of your life and is more costly. You can also structure your coverage with a bit of both, Doll said — buying a small permanent policy for $100,000 when you're young and it's cheaper, and then a term policy for $900,000 when you have kids. Your coverage when you need it most — children are young, paying down the house — would total $1 million. 'As people go through the different stages of life, life insurance changes its purpose along with you,' Doll said. 'As people approach retirement, permanent insurance becomes an important conversation because people want to have some insurance for the rest of their life. 'It's also the most cost effective way to pay capital gains taxes upon death. So it becomes an estate planning tool after about age 55 or 60.' Disability insurance also replaces income if you are unable to work, while critical illness insurance provides a lump sum payment upfront if you become sick, Tétrault said. This lump sum can be used for flights, medical treatments, and breaks from work. 'Think of high-earning professionals — dentists, lawyers, doctors — they typically have [disability insurance] in place,' Tétrault said. 'If they fall ill, or their back goes, then they'll have income replacement.' When a family member was diagnosed with cancer, Tétrault said critical illness insurance helped pay for flights to the Mayo Clinic for a second opinion, as well as treatments. Financial professionals can advise clients on insurance needs, Tétrault said, noting that insurance is often part of a broader financial plan: 'to mitigate risk, to protect capital, to reduce taxes, to ease an estate transfer.' It's worth talking to your partner about what life would look like if one person passed away or was unable to work. 'If it's a complete disaster, and there's no way you're paying the mortgage, and you'd have to sell, or maybe you can't even pay your rent — just have a conversation,' Tétrault said. 'Insurance is usually very affordable at a young age.' Although some jobs offer life or disability insurance as part of their benefits, they are often not enough to replace income for many years, Doll said. When asking people how big a lottery win would allow them to retire, Doll pointed out most people say $2 million or $3 million. But when talking about life insurance, they think $200,000 coverage or that workplace benefits is enough. 'The number should be the same as the lottery, because you're dying, you're not coming back,' Doll said. 'You're not earning another penny.' This report by The Canadian Press was first published May 13, 2025. Nina Dragicevic, The Canadian Press Sign in to access your portfolio
