Retired bank manager loses Rs 20 lakh to fake stock experts: Tips to avoid such scams

In today’s digital age, scams are becoming increasingly sophisticated, and no one is immune. A shocking incident has come to light where a retired senior bank manager, Atul Sonkar, was scammed out of Rs 20 lakh by fraudsters posing as stock market experts. The fraud was carried out through a WhatsApp group, highlighting how even professionals can fall prey to such deceptive schemes.

Atul Sonkar, 61, a former senior manager at Canara Bank, resides in Gopika Enclave Civil Lines. On September 23, 2024, he was added to a WhatsApp group by two individuals, Kruti and Ravi Agarwal, who introduced themselves as stock market experts. Along with them was another person, Namit, who provided stock analysis. The scammers built a sense of trust by promising high returns on investments in shares and IPOs.

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The group convinced Sonkar to invest, assuring him of significant profits. Over the course of several weeks, they successfully extracted Rs 13 lakh from him between October 9 and November 18, 2024. They even created an account in his name to facilitate the transactions. But the deception didn’t end there. The scammers lured Sonkar into another group, where they promised to double or even quadruple his investments. Trusting their assurances, Sonkar ended up transferring an additional Rs 7 lakh between October 15 and November 6, 2024.

However, things took a turn when Sonkar demanded his money back on November 10. The scammers responded by asking him to pay an advance tax. When he refused, they crashed his account. It was only then that Sonkar realized he had been scammed and filed a complaint with the cyber police station.

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How to protect yourself from such scams

• Verify the source: Always verify the authenticity of any investment opportunity, especially if it comes through social media or messaging platforms.
• Be skeptical of promises: If something sounds too good to be true, it probably is. Be cautious of unrealistic promises of high returns.
• Research before investing: Never invest in anything without conducting thorough research or consulting with a certified financial advisor.
• Avoid sharing personal information: Never share sensitive financial information with unknown contacts or groups.
• Report suspicious activity: If you suspect a scam, report it immediately to the authorities.