A software engineer fell victim to a share trading scam and lost Rs 33.75 lakh.
It all started when the victim was added to a messaging group where members discussed stock trading and profits.
The group admin, posing as a stockbroker, claimed to be associated with a well-known share broking company.
Investing in shares can be a great way to grow your wealth, but it also comes with risks, especially when dealing with unknown online platforms. Recently, a 40-year-old software engineer fell victim to a share trading scam and lost Rs 33.75 lakh. Keep reading to know how the scam unfolded and how to avoid falling for such scams.
It all started when the victim was added to a messaging group where members discussed stock trading and profits. The group admin, posing as a stockbroker, claimed to be associated with a well-known share broking company. Believing the admin’s advice, the techie decided to invest.
Also read: Man loses Rs 2.5 lakh to KYC update scam: How to be safe
The fraudster first shared a link to an online trading software, which the victim downloaded, reports TOI. Initially, he earned a small profit, which encouraged him to invest more. When he reached out to the group admin again, the scammer promised high returns through IPO investments and high-value shares.
The victim transferred Rs 33.75 lakh into six different bank accounts provided by the fraudster. However, when he tried to sell his shares, the scammer did not allow him to do so.
Also read: Chandigarh man loses Rs 9 lakh in credit card scam: Here’s what happened
How to avoid falling for such scams
- Verify the trading platform: Always use trusted and registered stockbroking firms. Check for official registrations before investing.
- Avoid suspicious groups: Be cautious of unknown messaging groups that promote investments with unrealistic profits.
- Do not trust random brokers: Never trust someone claiming to be a stockbroker without verifying their credentials through official channels.
- Be wary of high returns: If an investment promises unusually high returns with little to no risk, it is likely a scam.
- Check for red flags: Avoid trading platforms that do not allow withdrawals or ask for money transfers to multiple bank accounts.
- Report suspicious activity: If you suspect fraud, report it immediately to the police and cybercrime authorities.
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Ayushi Jain
Tech news writer by day, BGMI player by night. Combining my passion for tech and gaming to bring you the latest in both worlds. View Full Profile
