Mumbai, May 9: After a part-time job offer and making money double scheme fraud among others, a new type of scam has emerged in the market. The Uttarakhand cyber cell and special task force recently unearthed a few cases of online fraud where scamsters duped people by making them invest in "online gold trading". Notably, the fraudsters lured people by making them invest in online "gold trading" for hefty returns.

In the last two years, the Uttarakhand police have uncovered at least two to three such cases of online "gold trading" fraud, reports the Times of India. While there are various forms of fraud that have come to light in the past, online "gold trading" fraud seems to be the new modus operandi of fraudsters. So, how is an online "gold trading" scam different from other scams? Online Fraud in Mumbai: Andheri Woman's Family Trip to Dubai Gets Spoilt After Fake Website Dupes Her of Rs 6.8 Lakh.

As per the reports, the "gold trading" scam, unlike the traditional scams involves several shell companies that are operating across the country. During the investigation, cops also learned that the fraudsters of the "gold trading" scam have their handlers sitting in places such as Hong Kong. Cops also managed to trace a money trail of at least Rs 3,000 crores.

So How Does the Online "Gold Trading" Scam Work?

An officer privy to the case said that "online gold and commodities trading fraud is not just any regular cyber fraud". The officer further said that the online "gold trading" scam involves fake websites, shell companies, chartered accountants, company secretaries, hawala traders, and foreign nationals among others as perpetrators. The officer also said that the money involved in the "gold trading" fraud is worth thousands of crores.

What Is the Modus Operandi of Online "Gold Trading" Fraudsters?

Cops said that the new modus operandi of "gold trading" scams involves fraudsters sending potential targets a message on WhatsApp or Telegram about investing in online gold and other commodities. The fraudsters lure people by promising hefty returns on every investment they make. Besides, the scamsters also offer online tutorial classes on how to trade online in gold and furnish bogus company documents in order to gain their trust. Dehradun Man Loses Rs 90,000 to Fraudster After Calling on Fake Customer Care Number While Ordering T-Shirt Online.

Once people fall into their trap, the scamsters ask them to start investing in small amounts of Rs 10,000. Later, the "potential targets" receive attractive returns on their investment which further convinces them to invest more as they believe that the company is genuine. Once the customers stop receiving profits from the so-called fraudsters, they realise that they have been duped. However, by then it's too late as the victims have already lost amount in lakhs or even crores.

(The above story first appeared on LatestLY on May 09, 2023 09:48 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website