A woman from Mangaluru lost Rs 74 lakh in an online stock trading scam, highlighting the increasing threat of investment fraud on social media.
The victim’s ordeal began in March 2024 when she encountered an enticing stock trading ad on Instagram. Intrigued by the promise of high returns, she clicked the link, which led to a stock trading information webpage. She then contacted the provided number, connecting her with an unknown person via WhatsApp who posed as a knowledgeable investment advisor.
Building rapport, the advisor directed her to a seemingly legitimate but fake online trading platform. Trusting the advisor, she made an initial investment of Rs 10,000. The scammers manipulated the platform to show initial profits, convincing her of its legitimacy. Over several months, the victim, enticed by the staged profits and the advisor’s supposed expertise, transferred a total of Rs 73.6 lakh into various accounts controlled by the scammers. She realized she had been scammed after discussing the situation with friends and family and filed a police complaint, hoping to recover her lost funds.
Tips to Stay Protected from Online Trading Scams:
- Be wary of high returns: If it seems too good to be true, it probably is. Legitimate investments involve risk.
- Do your research: Thoroughly research any platform or scheme before investing.
- Avoid pressure tactics: Legitimate advisors won’t pressure you to invest quickly.
- Beware of fake platforms: Be cautious of unprofessional or insecure websites or apps.
- Protect your financial info: Never share financial details with strangers online.