After falling for a clever web fraud known as "pig butchering," a 75-year-old professional from the American Midwest lost an incredible Rs 6 crore (about USD 800,000). The con, which started with a harmless LinkedIn message, serves as a reminder of the growing danger posed by these kinds of scams and the value of exercising caution when interacting with people online.

The victim, who prefers to be unidentified, was first reached out on LinkedIn by a lady going by the name of Violaine Chen. She introduced herself as a prosperous gold futures trader from San Francisco, and she soon won the man's trust by showing him photos of her lavish lifestyle and having regular chats with him about her meals, exercise routine, and volunteer work.

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Violaine suggested that they invest together on a trading website called FX6, which she said belonged to her uncle, as their relationship grew closer. The victim eventually put over $300,000 into the Fuex account, a related app, after being enthralled with her supposedly sincere attitude and common interests.

Pig Butchering Scams on the Rise: A Cautionary Tale of Financial Deception

Even after receiving warnings from his bank and odd messages from Violaine, the guy persisted in investing more money at her insistence, despite warning signs. He eventually deposited more than $300,000 into the Fuex account after selling equities and mutual funds. Their aggregate investments looked to have increased to about $1.5 million on the app.

But the man's request was denied when he tried to take out money for a down payment on the house that Violaine's uncle wanted them to purchase. He was advised that his account was frozen and that further fees were required to retrieve his funds by Fuex customer service representatives, who were involved in the scam. The man was desperate and used all of his money, a bank loan, and a home equity loan to pay the expenses.

Ultimately, the man lost $716,212 in total and was left without any money, family, or soul partner. Eventually, Violaine stopped answering the majority of his messages, leaving the victim without closure or reason for the loss.

"Pig butchering" is the procedure of fattening up a pig before slaughter; it is a reflection of the way con artists gradually familiarize themselves with their targets to obtain their trust and financial information. These scams frequently start with an unexpected message from an unknown sender, who can pretend to be a wealthy person who accumulates millions of dollars through trade.

The surge in pig slaughtering scams has been linked to the growing acceptance of cryptocurrency trading and the ease with which con artists may cultivate online victim relationships. Experts caution that these frauds are growing increasingly complex and are currently being run by individuals and international organizations.

According to a University of Texas investigation, since January 2020, victims worldwide have probably been defrauded of over $75 billion by pig slaughtering frauds. In 2021, there were over 4,300 complaints about pig slaughtering that the FBI's Internet Crime Complaint Center (IC3) received, totaling over $400 million in losses.

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