Mumbai-based IT professional loses Rs 1.16 cr after clicking on fake advertisement: Here’s how you can stay safe

In today’s digital age, anyone can fall victim to online fraud, no matter how tech-savvy they are. A recent case from Vasai, Mumbai, highlights just how vulnerable we all are to online scams. A 49-year-old IT professional, a senior executive at a well-known company, lost Rs 1.16 crore after clicking on a fake online ad that promised high returns from stock market investments.

Keep reading to know what happened, and more importantly, how you can avoid falling into similar scams.

How the scam unfolded

The scam began when the victim came across an advertisement online offering huge profits from stock market investments. Curious, he clicked on the ad and was directed to a WhatsApp group with around 125 members. This group appeared legitimate, filled with fake success stories from people claiming they had made big profits following the advice of the group’s administrators.

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Trusting the fake testimonials, the victim decided to invest. He shared his banking details and was told to download a trading app, which seemed genuine. Over the course of a few days, between August 16 and August 20, he transferred Rs 1.16 crore into several accounts, as directed by the group’s so-called experts.

It was only when he tried to withdraw his money that the red flags appeared. The scammers kept making excuses and demanded additional payments, which made him realise he had been scammed. He quickly reported the fraud to the police.

Also read: Delhi man loses Rs 1.26 lakh in online job scam: How to protect yourself from such frauds

How to protect yourself from similar online scams

This case is a clear warning about the growing risk of cybercrime. Scammers are getting smarter, using fake ads, WhatsApp groups, and fraudulent apps to trick people. To stay safe, here are some tips:

• Avoid clicking on suspicious ads: Be cautious of online ads that promise quick money or high returns.
• Do your research: Before investing, thoroughly check the platform. Make sure it’s registered with regulatory bodies.
• Don’t share sensitive info: Never share your bank details or personal information with websites or individuals.
• Beware of pressure tactics: Scammers often rush you into decisions. Always take your time and consult with trusted sources before making any financial commitments.