Digitization in India has also driven more people towards investments and trading. In the past few years, the interest in stocks and trading has grown significantly. However, with increased interest, there has also been a surge in online scams, where scammers trick people by offering lucrative investment opportunities. In one such recent case of an online investment scam, a Mumbai man lost Rs 90 lakh after joining a WhatsApp group that promised expert investment advice.
The latest incident occurred when the victim was added to a seemingly innocuous WhatsApp group that promised lucrative returns through stock trading. The group claimed to be run by “foreign experts,” who provided members with tips and strategies to help members make big profits in investments in a short amount of time. Seeing the group name and information, the victim was convinced that it was a legitimate opportunity and started engaging with the group, reports The Indian Express.
As the victim engaged more with the group, the fraudsters started exploiting his trust and eventually persuaded him to open an “Institutional Trading Account” via a link to a mobile app available on the Play Store. After downloading the app, the victim was instructed to deposit Rs 90 lakh into a broker company’s bank account to start trading. As he added the money, the victim initially saw a virtual profit of Rs 15.69 crore in his account, which only served to deepen his belief in the legitimacy of the operation.
However, when the victim attempted to withdraw the funds, the scammers restricted him and demanded that he pay 10 percent of the profit, amounting to Rs 1.45 crore, as a “Profit Sharing” fee. It was at this point that the victim realised he had been scammed. By then, he had already lost Rs 90 lakh.
Notably, this case is not an isolated incident. Cyber fraudsters across India have increasingly turned to online platforms, particularly messaging apps like WhatsApp, to target individuals with promises of high returns through investment schemes. As time passes and awareness grows, these fraudsters are becoming more sophisticated, using technology to create realistic-looking trading apps and offering personalised advice that seems credible to unsuspecting victims.
To protect oneself from falling victim to such scams, it is crucial to stay informed and exercise caution when interacting with unknown individuals online. Always verify the authenticity of the source before engaging with any online investment opportunity. Do not trust unsolicited advice from unknown sources on WhatsApp or other messaging platforms.
If you are interested in investing, conduct thorough research about the investment platform, including checking reviews, verifying licences, and understanding the risks involved. If something seems too good to be true, it probably is. Additionally, only use well-known, trusted financial platforms and apps that have been verified by official financial regulatory bodies.