A 52-year-old Noida-based businesswoman, Aiyesha Kumar (name changed on request), was scammed for Rs 3.15 crore. It all began with a WhatsApp invite to a share trading group, which she joined casually. Initially, Kumar refrained from investing money. A month later, she received a call from a group member who shared his ‘success story’ and told her how he had invested and earned profit.
How Did The Trap Happen?
Seeking reassurance, Kumar contacted the group admin, who sent her a link to download an app, claiming it was affiliated with the Anand Rathi Group. The admin also mentioned four mentors whose LinkedIn profiles Kumar checked. Convinced of the platform's legitimacy, she began with a small investment of Rs 5,000, gradually increasing her contributions.
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She earned around Rs 40,000 profit on an investment of Rs 1 lakh and successfully withdrew it. This further strengthened her trust in the platform. Over time, she invested larger amounts in IPOs on the group’s advice. Her initial investment of around Rs 80 lakh eventually grew to Rs 2.3 crore or as it was shown on the platform. She even withdrew Rs 5 lakh to ensure the platform was genuine.
Soon, the scammers convinced her to invest more in IPOs and complete her order or she wouldn’t be able to withdraw the money from her account. Falling to the scammers’ tricks, Kumar borrowed money from friends and continued investing. Whenever in doubt, she was reassured by the group members of the genuineness of these investments and that they had also earned profit and had withdrawn it too.
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At one point, her portfolio value showed an approximate Rs 126 crore. However, amid such profits and the restrictions on withdrawals, her doubts arose when she noticed that calls and WhatsApp messages were only answered during specific times of the day. Upon further investigation, she discovered on a social media platform that some fraudsters were using Anand Rathi Group’s name to defraud people.
When Kumar attempted to sell her shares and withdraw funds, she was asked to pay a 20 per cent commission, approximately Rs 25 crore, on her holdings. On not paying that, they denied withdrawal and afterwards, all her efforts to contact them went in vain. They did not pick up calls or reply and she could not access her money.
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The matter was then reported to the cyber crime cell and the police and an investigation is underway.
Notably, fraudsters used more than one bank account to collect money, requesting her to transfer to different accounts each time.
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How To Stay Safe From Scams?
As technology advances, so do fraudulent tactics. The modus operandi could be different for different frauds, like fraudulently cheating money through share investment scams, job promises, or fake parcels and then a digital arrest, which is not at all legit, or a deepfake video.
Here are the key tips no one should ignore:
Be alert and do not fall for promises of too good to be true promises such as high profits from investments, lucrative jobs, etc.
Check the authenticity of investment platforms before transferring money to them. Check the broker registration number on the Securities Exchange Board of India (Sebi), Association of Mutual Fund of India (AMFI), or other regulatory bodies to confirm the authenticity of such entities.
Do not click on links from unknown sources on WhatsApp, Telegram, Facebook, or other platforms.
Avoid downloading apps, files, or attachments from unknown sources. Download apps only from Google Play or Apple Store and keep devices updated with antivirus software.
Do not borrow money to invest in stocks. No one can predict the share market and the profits or losses.
The urge to make a quick profit or earn large amounts of money is what the fraudsters look for in people to trap them. Avoid investing money hastily without research.
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How To Report Fraud?
If you fall victim to fraud, report it immediately to the cybercrime helpline number 1930, available 24 hours, or file a complaint at www.cybercrime.gov.in. Also note that even if the fraud has not happened, one can report any suspicious call or WhatsApp message on the sancharsathi portal at https://sancharsaathi.gov.in/sfc/.
According to a government notification dated December 18, 2024, over Rs 3,431 crore has been saved in more than 9.94 lakh complaints. Remember, timely reporting can make all the difference.
