In yet another alarming case of online fraud, a 49-year-old IT professional from Vasai, Mumbai, lost Rs 1.16 crore after clicking on an online advertisement. The victim, who holds a senior position at a prominent IT company, was lured into the scam by a false advertisement promising good returns on stock market investments.
The scammers reportedly, duped the victim through a scheme involving fake advertisements, a WhatsApp group, and a fraudulent trading platform. They enticed him with promises of massive returns on his investments and eventually emptied his bank account. According to a report by the Free Press Journal, the victim first encountered the scam while browsing the internet, where he saw an advertisement promoting stock market investments. The ad promised substantial returns on investment, which piqued the victim’s interest, leading him to click on the link.
Soon after clicking the link, the victim was added to a WhatsApp group with approximately 125 members. Many of these members claimed to have earned significant profits through the “expert” guidance provided by the group’s administrators.
Swayed by these success stories, and in the hope of earning similar returns, the victim decided to participate. He shared his account details with the group and was instructed to download a trading app, which appeared legitimate at first glance. From August 16 to August 20, the victim followed the instructions given by the group’s so-called “experts” and transferred a staggering Rs 1.16 crore into different accounts, as directed.
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However, when the victim attempted to withdraw his investments and profits, he was unable to do so, which sparked his suspicion. Just as seen in other cases, the scammers, instead of processing the withdrawal, asked the victim for additional payments, claiming it was necessary to process the refund. At this point, the victim realised he had been deceived and contacted the police to file a complaint.
This case is yet another grim reminder of the growing threat of cybercrime and online fraud in India. It also highlights how increasingly sophisticated tactics are being employed by cybercriminals to exploit unsuspecting victims, and underscores the importance of vigilance when engaging with online investment opportunities.
How to stay safe
Given the rise in online fraud, especially involving investment schemes, it is essential for individuals to exercise extreme caution when navigating digital financial opportunities.
It is highly advisable not to click on unverified advertisements or offers that promise easy money and seem too good to be true. Before engaging with an online investment opportunity, thoroughly verify the platform. Research the company, check if it’s registered with regulatory authorities like SEBI (Securities and Exchange Board of India), and read reviews from independent sources.
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Additionally, never share sensitive information like bank account details, credit card numbers, or personal identification details on unfamiliar websites or with individuals you’ve only interacted with online. Scammers often use this information to drain your accounts.
If you receive an investment offer unexpectedly, especially via online ads or social media platforms, be suspicious. Fraudsters often use high-pressure tactics to get you to act quickly without thinking through the consequences.
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Remember that promises of high returns with little or no risk are classic signs of a scam. Legitimate investment opportunities always carry a certain level of risk, and if it sounds too good to be true, it likely is.
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