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An IT professional from Mumbai lost Rs 1.16 crore as a result of falling for a fake trading platform.
A Mumbai IT professional lost Rs 1.16 crore.
After clicking on a misleading internet ad encouraging stock market investments, a 49-year-old IT specialist from Vasai, Mumbai, was duped out of Rs 1.16 crore. Via a mix of fake advertisements, fake WhatsApp groups, and a fraudulent trading platform that promised large returns on investments, the victim who held a senior position at a renowned IT company was drawn into the scam.
The Scam’s Development
According to the Free Press Journal, the victim first saw the advertisement while browsing the internet. He got caught in by the advertisement’s promise of large profits on stock market investments. Later, he got connected to a WhatsApp group with about 125 members after clicking the link. Several group members claimed to have made significant gains by following the administrators’ advice while assuming the persona of financial “experts.”
Persuaded by these tales of growth, the victim gave the gang his personal information and bank account information. After that, he was told to download a trading program, which at first glance seemed genuine. Under the direction of these so-called experts, the victim moved a total of Rs 1.16 crore into several bank accounts between August 16 and August 20.
The Secret Revealed
When the victim tried to withdraw his investments and profits and was unable to do so, the scenario took a different turn. The fraudsters demanded more money, saying it was required to complete the withdrawal. The victim became aware that he had been duped at this time and complained to the local police.
This case highlights the rising threat of online fraud and cybercrime in India, where scammers utilise more advanced strategies to trick naive people.
How to Protect Against Internet Fraud
It’s crucial to be alert and cautious while interacting with online investment possibilities to prevent becoming a victim of similar frauds. Here are some essential self-defence tips:
- Avoid engaging in suspicious ads: Ads that promise large earnings or speedy returns should be avoided.
- Do extensive research: Make sure the platform is genuine and registered with the appropriate authorities.
- Don’t disclose private information: Don’t give your personal information or bank account information to strangers or unidentified websites.
Watch out for pressure tactics: Scammers frequently attempt to force victims into making decisions too quickly. Before making any financial commitments, take some time and speak with trustworthy individuals.
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