Cyber Scams: Nowadays, a lot of cyber fraud is happening on social media. People who commit cyber crimes cheat people in different ways by using social media, and cheat them of lakhs and crores of rupees. One such new cyber fraud has happened in Pune. A person living in Pune has been cheated of Rs 2.1 crore in the name of investment in the stock market.
How did someone unknowingly cheat Rs 2.15 crore?
This 45-year-old man living in Pune works in the statistics department of an Indian clinical research firm. According to a report in the Indian Express, the Pune-based man had seen an ad on social media in late November for a stock market investment platform, which was linked to a reputed capital fund in the US, and offered the service of online tutorials. . This platform claimed to have a great investment portfolio.
Lured by the tempting ad, the victim clicked on the ad, after which he was added to a WhatsApp group, where all the members of the group were given tutorials, in which people were motivated to invest.
To invest on this platform, he downloaded a mobile app and invested the amount as per the instructions. In that app, the promotion of getting excellent returns on investment was being done.
Within a few weeks, he transferred a total of Rs 2.15 crore from the proceeds from the sale of his property and a loan of Rs 70 lakh specially secured for investment. After this investment, the administrators of the fraud people insisted on investing Rs 4.33 crore in the IPO of an oil company.
On not being able to make this new investment, the victim was told that his previous investment had been frozen. After that, this person living in Pune became suspicious, and he noticed that all the conversations with the investment fraud group were done only through chat. He searched more about the company in the stock market and saw that no such company had anything to do with the stock market.
By the time the victim realized all this and discovered the cyber fraud, he had transferred Rs 2.15 crore in 6 times. After registering an FIR with the police, investigation found that all the documents and information provided in that app were fake.
How to avoid such investment scams?
- To avoid such scams, you should research any company thoroughly before investing in it.
- You should collect information about that company by asking your friends and relatives.
- One should not fully trust the words of the company selling the investment.
- Before investing in any company, one should understand the business of that company, and also know about the people associated with the same business and the company making the investment through the company.
- You must check the licensing and disciplinary history of the person or company selling the investment by using the SEC and FINRA’s online databases.
- Do not fall into the trap of investment by foreign company or any kind of promoting event from abroad. Whatever kind of promotion is done, do not invest without checking thoroughly.
- Try to invest a minimum amount at the beginning of any investment, so that even if you suffer a loss, it is not much.