Salaried people lose lakhs of hard-earned money in fake stock market trading scams. Know More.
In today’s digital world, financial scams have become smarter and are targeting hard-working people like never before. Using social media and digital tools, scammers promise quick cash without the hassle of learning the stock market. This is an attractive offering for people with busy schedules and little time for research.
These scams start innocently enough with attractive advertisements on platforms like WhatsApp and Telegram, claiming huge profits. People get lured by stories of ordinary people turning small investments into big profits. But it’s all a trap. The promised profits disappear, and victims are left with shattered dreams and empty wallets. This increase in fake stock market scams is a warning to be cautious and do your homework before investing. Getting quick money may seem tempting, but it is essential to double-check the advice and rely on reliable sources. With vigilance and information, we can save ourselves from falling into the trap of fraudsters.
One victim, who works in IT in Chandigarh, lost ₹51 lakh. Another victim, a Chartered Accountant, lost ₹85 lakh. A banker from Kolkata lost ₹12 lakh of his hard-earned money.
These scams don’t happen quickly. They go on for one to three months. The fraudsters find victims on social media like Telegram, WhatsApp, Instagram, and Facebook. They promise free stock market tips and pressure people to join premium or VIP groups,” explained an official. The scammers show fake profits on the website dashboard. But when victims try to take out the money, they can’t. The scammers then ask for more money, claiming it’s for taxes and penalties. Sometimes, the scammers send fake screenshots of big profits to trick victims. They might even put some money into the victim’s bank account to make them trust them.
The police have arrested five to six suspects who helped the fraudsters by giving them personal bank accounts. Then they spread this scam to more people. Cyber crime police are focusing on catching these scammers, the officer said.
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