When we encounter a scam, we generally consider two things: either the person is not tech-savvy enough to identify the scam, or is not educated enough.
But scams happening these days have proved both these points wrong. Almost every other day, we come across news where even youngsters and people with good tech understanding are becoming victims of one or another cyber fraud.
One such incident is reported in Thane, where a manager of a private company lost ₹88 Lakh in a fake trading app scam. Let’s get into the details to understand how the scam was operated.
How the Victim Got Scammed?
As per the report, the victim came across one investment app through a Facebook ad. On clicking the ad, he was asked to fill in some basic details, and post that was added to a WhatsApp group.
On the WhatsApp group, other joinees were sharing their huge returns, appreciating the guidance of the admin. Seeing this victim trusted the platform and showed investment interest.
He then received a link to download the app. Not knowing that the app was fake, he started adding funds to the app, and to encourage him to add more, the scammer displayed fake profits of ₹2.79 crores
The victim had no clue that the stock market profits displayed in an app were just an illusion till the day when he tried to withdraw the funds and the scammer asked him to transfer ₹40 Lakh.
Soon, he realized that he had been scammed and reported the case.
Why Are These Scams Growing Rapidly?
Now, the question is, why is a fake trading app scam happening? Let’s get into some of the major reasons:
- Social Media & Paid Ads: Fraudsters invest in Google and Facebook ads, making their apps appear legitimate.
- Fake Reviews & Ratings: They flood app stores with fake 5-star reviews to gain trust.
- Telegram & WhatsApp Groups: These platforms allow scammers to operate anonymously and target a large audience quickly.
- Deepfake & AI Manipulation: Some scams now use AI-generated influencers to promote their platforms.
What to Do If You Get Scammed?
Now, as discussed, the FOMO, overconfidence, and greed to earn quick profit mostly led people to blindly trust the huge profit on fake trading apps, which makes them fall victim.
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Conclusion
Stock market trading can be a powerful wealth-building tool, but only when done through legitimate platforms.
Fake trading apps are a growing threat, and staying informed is your best defense. Always verify before investing, trust only SEBI-registered brokers, and spread awareness about these scams.
Even the most educated investors are not immune to fraud. It’s not just about knowledge but also about staying cautious, verifying platforms thoroughly, and resisting the lure of easy money.
