Fake Stock Market Scams Surfacing Rapidly In Hyderabad
Fake Stock Market | Hyderabad, February 21 (Maxim News): Watch out, Hyderabadis! The city has seen a worrying increase in fake stock market scams, leaving many people robbed of their hard-earned money.
These scams often target individuals through social media, promising easy profits and luring them into investing in fake apps or following fraudulent advice.
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According to A.V. Ranganath, Joint Commissioner of Police for Crimes & SIT, Hyderabad, perpetrators typically target victims through online social media platforms such as Telegram, WhatsApp, Instagram, and Facebook. They lure victims with enticing advertisements promising free stock market tips and advice.
To gain the trust of their targets, fraudsters often showcase fake screenshots of profits supposedly earned by other clients. Initially, they may even transfer money to the victim’s bank account, creating a facade of legitimacy. However, their ultimate aim is to persuade victims to join premium or VIP groups, claiming exclusive access to lucrative stock market tips.
Victims are shown fake profits displayed on the platform’s dashboard. When they attempt to withdraw these profits, they find the withdrawal option blocked. The fraudsters then demand additional funds to unlock the account supposedly, citing various taxes and penalties.
Fake Stock Market Scams
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Tragically, many professionals, including working individuals, chartered accountants, and advocates, have fallen prey to these schemes.
For instance, an advocate was recently swindled out of Rs. 85 lakhs after investing in a fake trading website advertised on Facebook.
Similarly, an IT employee lost Rs. 55 lakhs after being added to a WhatsApp group where fraudulent conversations and profits were showcased. In another case, a chartered accountant was duped of Rs. 91 lakhs by fraudsters operating a fake trading website.
Authorities emphasize several precautions to mitigate such risks: Stick to Registered Applications: Only trade stocks using applications registered with SEBI (Securities and Exchange Board of India).
Avoid Individual Bank Transfers: Use stockbroker-facilitated methods for transferring funds instead of transferring money to individual bank accounts.
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Exercise Caution with Returns: Be wary of promises of extraordinary returns fraudsters make.
Download Applications Safely: Ensure the legitimacy of applications before downloading them, preferably from official sources like the Google Play Store or the respective company’s website.
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Protect Demat Account Credentials: Never share the credentials of your Demat account with unknown individuals.
Verify Information: Don’t blindly trust conversations in unknown groups and refrain from investing your hard-earned money without thorough verification.
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By following these precautions, individuals can better safeguard themselves against falling victim to fake stock market trading schemes. (Maxim News)
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