
A 61-year-old retired bank employee fell victim to a cyber fraud promising high returns on stock market investments. The fraud started in the first week of February this year and the victim lost more than Rs 1 crore. A case has been filed under the Indian Penal Code and the Information Technology Act.
How the Scam Started?
According to the victim’s complaint, she came across a share trading advertisement on Facebook in the first week of February. Intrigued, she clicked on the link in the advertisement and joined a WhatsApp group that advised her to buy BSE shares and IPO through them. Later, she was invited to join a VIP group by a woman named Sangeeta Kumari. The victim shared her Aadhaar card details with the admin after being told that her international trading account had been sanctioned.
She was then asked to download an app on her Android phone through an invitation code link. The victim clicked on the link, which directed her to a ‘share trading’ firm’s webpage. In March, she was asked to pay Rs 32 lakh as tax, and later Rs 95 lakh as tax. When she requested to deduct the amount from her profit and return the remaining money, Kumari refused. The victim transferred Rs 30 lakh and informed the accused that she wanted to withdraw all her funds, but the accused demanded an additional Rs 5 lakh as a service fee.
Tips to Stay Safe from Investment Scams
To protect yourself from investment scams, here are some important tips to keep in mind:
- Thoroughly research the trading platform and company: Before investing, make sure to research the trading platform and company. Look for reviews, regulatory compliance, and track records.
- Check the official website and contact details: Verify the official website and contact details of the trading platform to ensure its legitimacy.
- Beware of unrealistic promises: Be cautious of investment opportunities that promise unrealistically high returns. If it sounds too good to be true, it probably is.
- Ensure secure connections: Check if the website uses HTTPS and has a secure connection before sharing any personal or financial information.
- Watch out for red flags: Be wary of pressure to act quickly, requests for personal information, or demands for payment. These can be signs of a potential scam.