Man loses Rs 15 lakh in online trading scam: Here’s how you can protect yourself

A 65-year-old man from Ulloor fell victim to an online trading scam, losing a whopping Rs 15 lakh. The fraudsters lured him with promises of high returns through a trading platform. The victim, who has prior experience in trading, was first contacted by a scammer on WhatsApp. Claiming to represent a platform named T-6 Geojit Securities, the scammer promised guaranteed profits in trading. Soon after, another fraudster added the victim to a WhatsApp group where updates on share markets were regularly shared to make the scheme look legitimate.  

Trusting their claims, the man transferred Rs 15 lakh in multiple transactions between October 14 and October 22. The funds were sent to accounts in UCO Bank and Bank of Maharashtra, reports TOI. However, after receiving the money, the fraudsters cut off all communication. Realising he had been duped, the victim approached the police for help.  

Also read: Delhi graphic designer loses Rs 2 lakh after being held hostage online by fake police

Police revealed that despite ongoing awareness campaigns, online fraud cases continue to rise. They stressed the importance of acting quickly when such crimes occur.  

“The first one hour after the crime is called the golden hour. Reporting a crime during this period will help retrieve the lost money and trace the accused,” stated the police.  

Also read: Man loses Rs 20 lakh to fake FedEx representative in courier scam

How to protect yourself from such scams

To avoid falling prey to online scams like this, here are some essential tips:  

• Verify offers and platforms: Always check the authenticity of trading platforms or schemes. Genuine platforms are registered and have transparent policies.
• Avoid transferring money blindly: Be cautious about transferring funds to unknown accounts, especially if asked through unofficial channels like WhatsApp.
• Be skeptical of guaranteed returns: No legitimate trading platform can promise guaranteed profits. Such claims are often red flags.
• Report immediately: If you suspect fraud, alert the police or cybercrime wing right away. Acting within the first hour can significantly improve the chances of recovering your money.
• Stay informed: Keep yourself updated on common online scams by following police advisories and news updates.