CERT warns public after retired engineer loses Rs9 ml in online investment scam
COLOMBO – Sri Lanka Computer Emergency Readiness Team (Sri Lanka CERT) has issued a fresh warning to the public, particularly senior citizens, after a retired professional engineer lost more than Rs 9 million to a sophisticated online investment scam that operated through WhatsApp.
The victim, a nearly 70-year-old retired engineer with more than four decades of experience in both the public and private sectors, was financially secure and familiar with digital technology, according to Sri Lanka CERT.
Despite her professional background and regular use of online banking, ride-hailing applications and other internet-based services, she was deceived by fraudsters who promised exceptionally high investment returns through a WhatsApp-based scheme.
According to CERT, the scammers lured the woman with claims that her investment would double every three months, returns far exceeding those offered by legitimate financial institutions.
The fraudsters, posing as investment advisers, gradually gained her trust and convinced her to continue investing larger sums of money. For several months, she received what appeared to be profits, leading her to believe the investment was genuine.
However, CERT said the so-called returns were actually being paid from the victim’s own invested funds, a common tactic used in Ponzi-style investment scams to create a false sense of legitimacy.
As the payments began to decline, the victim questioned the operators but accepted their explanations and continued investing. By the time she realized she had been defrauded, her losses had risen to nearly Rs 10 million.
CERT officials said the scammers were still attempting to persuade the woman to sell her house and invest the proceeds when she eventually sought assistance.
Upon receiving the complaint, Sri Lanka CERT intervened and helped the victim disengage from the fraudsters. Because she had maintained detailed records of her financial transactions, CERT referred the case to the Criminal Investigation Department (CID) together with relevant evidence.
Police have launched an investigation into the incident as a financial crime.
Issuing a broader warning, Sri Lanka CERT urged the public to exercise extreme caution when approached with investment opportunities that promise unusually high or guaranteed returns.
The agency particularly cautioned retirees against risking lifetime savings on unverified investment schemes and called on family members to monitor the financial activities of elderly relatives, who are increasingly being targeted by sophisticated online fraud networks.
-ENCL
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