Summary of this article
Pune expert lost ₹73 lakh to fake online trading app.
Scammers used WhatsApp groups and fake earnings screenshots.
Authorities urge caution, vigilance, and reporting suspicious transactions.
Online share trading scams are on the rise in India that targets investors with promises of high returns through fake platforms and social media groups. These schemes are becoming more sophisticated by tempting even experts to transfer substantial quantities of money to fake accounts.
In a recent Pune case, a cybersecurity professional lost Rs 73 lakh over a month after falling for one such scheme. The victim, who works for a private firm, was added to a WhatsApp group offering high-return stock suggestions and eventually persuaded to install a fake trading program that claimed to provide profitable stock recommendations.
Between August 8 and September 1, he made 55 transfers totaling Rs 73.69 lakh to multiple mule accounts across India, including Chennai, Ulhasnagar, Bhadrak, Ferozepur, Pimpri-Chinchwad, and Gurugram, according to the Indian Express.
The victim was further persuaded by screenshots circulating in the WhatsApp group, which showed huge revenues and enhanced the app's trustworthiness.
The app showed supposed earnings of Rs 2.33 crore, but when the victim attempted to withdraw the amount, he was blocked by a demand for a 10 per cent tax. Realising he had fallen into a scam, he immediately approached the police, who registered an FIR on Monday.
According to reports from Pune and Pimpri-Chinchwad, cybercrime police stations indicate that similar online trading frauds have surged over the past two and a half years. According to officials, scammers frequently use webinars, trading tips and mobile apps to lure victim and even cybersecurity experts are not safe.
When it comes to investing, authorities always urge citizens to be cautious and confirm the legitimacy of any online trading site. To stay safe from such scams, citizens should stay vigilant, keep an eye on their bank activities, and report any suspicious activity to the cybercrime police.
