Abishek D Praphullalumar
A 61-year-old retired businessman from Bandra, Mumbai, lost ₹2.32 crore in a deceptive online stock trading scam. The victim, a former TCS employee, stumbled upon a slick-looking ad for a trading app on social media in November 2024. The ad falsely claimed ties to a well-known financial services brand, luring him into a sophisticated fraud.
After clicking the ad, he was added to several WhatsApp groups where alleged traders shared stock tips and success stories. Convinced by the seemingly active community, the businessman began transferring funds regularly to multiple bank accounts.
The scammers even had him install a fake trading app that displayed an enticing profit of ₹3.17 crore. But when he attempted to withdraw his earnings, he found it impossible. Realizing he’d been duped, he approached Mumbai Police, who have now registered a cybercrime case.
Authorities are urging citizens to stay vigilant and verify any investment platforms before sharing personal or financial information.
How to Stay Clear of Investment Scams
- Do Your Homework: Before putting your money anywhere, verify if the trading app or platform is legit. A quick background check can save you a world of trouble.
- Don’t Fall for Random WhatsApp Groups: Scammers often create fake groups packed with staged success stories to earn your trust. Never take investment advice from strangers online.
- Question Unrealistic Returns: If someone’s promising sky-high profits with zero risk , that’s your red flag. Real investments take time and come with risks.
- Ignore Suspicious Ads: Not every ad you see on social media is safe. Many lead straight to scams designed to drain your wallet.
- Seek Trusted Advice: Always consult with a certified financial advisor or someone you personally trust before making big money moves.
