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Tag: Online Trading Scams

  • Online Trading Scam: Mumbai Investor Falls Victim To Rs 2.56 Crore Online Share Trading Scam |

    New Delhi: Online trading scams are becoming more common in India these days. With so many scams happening, it’s important to be aware and stay cautious when trading online. These scams often target people looking to invest so staying informed can help protect you from falling victim.

    In a similar incident, a 60-year-old retired resident from Mumbai recently fell victim to a growing trading scam. The scammers tricked him into investing in a fake company with promises of big returns. Unfortunately, the victim ended up losing Rs 2.56 crore in an elaborate online share trading scam.

    Scammers Add Victim to WhatsApp Group

    The scam began when the victim received a message from an unknown number on WhatsApp. The scammers then added him to a WhatsApp group called “KK (Fortune Center)” in December 2023, as per TOI. (Also Read: Beware! Claiming False HRA While Filing ITR Could Cost You THIS Much: Check Here)

    Group Admins Pose as American Company Reps

    In this group, there were reportedly several administrators using aliases like Account Opening Manager, Chaman Singh, and Nita Singhania. They convinced the victims that they were representatives of a private American company involved in stock market investments. (Also Read: THESE Paytm Wallets To Be Closed From 20 July 2024 –Check Important Notice By Paytm Payments Bank)

    Falling for False Promises

    The scammers then gave the victim a link to a website where he was asked to enter his information and set up a virtual account. This virtual account seemed genuine and displayed promising investment returns. This led the victim to trust everything he saw and proceed ahead with the transaction, unaware of what was coming next.

    Initial Investment Leads Victim Deeper into Scam

    Guided by Singh and Singhania, in February the victim made his first investment of Rs 50,000 and saw a profit in his virtual account. As the victim watched his supposed profits grow he kept investing more money.

    The scammers went as far as sending fake shares certificates through social media to deceive the victim about the legitimacy of his investments. l media to further deceive him about the legitimacy of his investments. They also provided specific bank accounts where the victim transferred his money, thinking it was for investing in shares.//

    Scammers Demand More Funds Amid Stock Market Loss

    However, things took a turn when the group administrators claimed that their company had lost money in the stock market. They then asked the victim to invest an additional 20 per cent of his money to cover these losses.

    When the victim proposed deducting this amount from his shown profits and asked for a refund of his investment and earnings, the scammers declined. Afterward, the victim couldn’t reach other group members and his access to the virtual account was blocked. The scammer then understood that he had been deceived and approached the police. Eventually, the victim filed a complaint against the fraudsters.

  • Woman Falls Victim To Investment Scam, Loses Jewelry And Over Rs 24 Lakh |

    New Delhi: In the pursuit of high returns in the stock market, individuals are often lured into investment schemes promising quick wealth. Unfortunately, many fall prey to such schemes, resulting in significant financial losses. A similar incident unfolded in Pune, where a woman found herself duped after getting entangled in a fraudulent investment scheme.

    She ended up selling her jewelry and losing over Rs 24 lakhs. (Also Read: 6 Key Money-Related Changes Coming In April 2024)

    How Scam Unveiled?

    The victim, a woman from Pune, became a target of fraudsters who enticed her with promises of quick returns through a trading app. (Also Read: IPO Calendar: 11 Public Offerings To Hit Market This Week; Details Here)

    According to reports from The Times of India, the scam took place between January 2 and February 4. The woman initiated her trading activities through a mobile app, which was downloaded at the behest of the scamsters.

    Financial Losses

    The fraudsters, masquerading as investment advisors, persuaded the woman to invest in a scheme offering high returns. Believing their claims, the woman poured her savings into the scheme and even sold her jewelry to invest more.

    She received messages through the trading app, luring her with the promise of substantial profits. However, within a month, she lost over Rs 24.12 lakhs, falling victim to the scam.

    The Police Report

    The woman, realizing she had been deceived, lodged a complaint at the Sinhgad Road police station in Pune. As per police inspectors, she was continuously encouraged to invest more money in the fraudulent scheme.

    The fraudsters provided her with four bank account numbers, into which she transferred the funds gradually.

    Investment Fraud

    This incident adds to the growing number of investment fraud cases reported in Pune. Over the past two months, the city has witnessed 117 cases of investment fraud, including another instance where a woman lost Rs 67 lakhs.

    Authorities urge citizens to remain vigilant and cautious while investing and to report any suspicious activities to the cybercrime department.