This is one of those frauds that a lot of educated and financially “aware” people are getting stuck into in the recent past.
Hear from one such victims on how we led into it and end up losing a huge capital. Here he goes:
I was added to a WhatsApp group by a lady named Melissa. She said she was from BlackRock and that Angel One had joined with them. Angel One invited Mr. Salim Ramji, who is the chief stock analyst at BlackRock India, to teach group members about the share market. I hadn’t heard of the person before but thought he could be one of the big guys in the business.
Daily, Salim Ramji would come in the morning and then in the evening to give lessons. There were many people in the group who admired Salim Ramji. As per their first message to me, the group was formed to provide tips, information, and learning about share trading. However, later on, they sent a link to download a trading application.
Buying from outside applications like ZERODHA or any other stockbroker was prohibited.
I clicked on the link, and the application was very similar to Angel One. After this, they sent an account number to recharge the application. I deposited ₹100,000 in that account. After some time, my application was recharged by ₹100,000.
Then I bought shares worth ₹100,000. On the next market open, I sold the shares as per their order and earned ₹4,700. Then I made a withdrawal of ₹100,000. In the next 24 hours, I got ₹100,000. They won my trust.
They said to invest in BLOCK TRADE. Next time, they gave me another account number. I remitted the money, and my app was recharged. I bought block trade. In this way, I invested ₹7,100,000. When I tried to withdraw, they refused, demanding a 5% income tax and a RAM JI fee. I lost all my money.
Now the application is not working, the WhatsApp group is inactive, and their mobile numbers are switched off every time. The police are not putting in significant effort on the case.
Now, if something like that happens to you, what are the things you must do as soon as you can:
- Document Everything: Collect all the evidence you have, including WhatsApp messages, transaction receipts, email communications, screenshots of the app, and any other relevant information.
- File a Detailed Police Complaint: Ensure that your complaint includes all the details you mentioned here. If the local police are not taking adequate action, consider escalating the matter to higher authorities or the cybercrime division.
- Contact the Bank: Report the incident to your bank, providing them with details of the transactions. They may be able to assist with tracing the funds or flagging the accounts used by the fraudsters.
- Notify Regulatory Authorities: Inform regulatory bodies like the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) about the scam. They might have additional resources or advice on how to handle such cases.
- Seek Legal Advice: Consider consulting a lawyer who specializes in financial fraud or cybercrime. They can provide guidance on potential legal actions you can take.
- Report to Cyber Crime Portal: In India, you can report such incidents on the National Cyber Crime Reporting Portal . They can take action against such frauds.
- Raise Awareness: Share your experience on social media or online forums to warn others about this scam. This can also help put pressure on the authorities to take action. Get in touch with us at A Digital Blogger and we will try to assist you with the regulatory proceedings as much as we can.
Hope it does not get to that in your case. If it does, however, you can count on ADB.
