Bengaluru man loses ₹2.51 crore in fake IPO scheme via Facebook ad

An 80-year-old Bengaluru resident fell victim to an investment fraud after clicking on a Facebook advertisement promising returns through a fake Initial Public Offering (IPO). The scammers convinced him to invest ₹2.51 crore, claiming high profit potential. The fraudsters used social engineering tactics and fabricated investment documents to appear legitimate. This case highlights how cybercriminals exploit elderly citizens through social media platforms and investment-related schemes. Authorities have been alerted to investigate the incident. Users are advised to verify investment opportunities through official channels and avoid clicking suspicious ads on social media platforms. Source: The Hindu.