While scrolling through your social media feed, a post catches your eye: “Free stock Tips for 2024! Huge profits, Quick Gains.”
The account looks legit, as many users have added positive testimonials.
You wondered, “What’s the harm in trying out some free tips to make a profit?” Let’s click on the link and give it a shot.
And there you go! Welcome to the world of scammers and congratulations on being a prey to them.
Now when we come across any type of scam we generally assume that the person was not much educated and not aware of the online apps. But that is not true.
Even well-educated individuals are getting trapped in trading scams these days. And yes, the reason behind that is the urge to gain quick profits.
Recently, news came out about a Tamil Nadu-based Doctor who lost around ₹76.5 lakh in a trading tips scam.
How it Started?
It all began on the day when the victim (Doctor) came across an advertisement on YouTube about stock market advice. With the ambition to make quick and simple profits in the stock market, he clicked on the advertisement. That ad redirected him to a WhatsApp Group that was managed by Deepak (name changed)
To his surprise, the WhatsApp group was filled with screenshots posted by various individuals, most claiming massive profits. Unaware that these users were either paid promoters or fake accounts, victims trusted the screenshots as genuine.
Excited by the thrilling opportunity to learn trading from experienced professionals, the doctor decided to get involved in the group.
Initially doctor was introduced to fundamental concepts of trading, which strengthened his belief in the group’s authenticity.
The doctor was now completely satisfied that he had joined a legitimate group and began exploring more investment opportunities.
Scammer recognized the doctor’s urge to earn more. He took advantage of this and offered him the link to download a trading app, which was actually a clone app.
Group members guaranteed the doctor a high return on his money. Finally, the scammer convinced him to put his capital by claiming guaranteed returns and huge profits in Indian and US Stocks.
Scammer now recommends certain stocks and IPOs, claiming a 30% profit margin with guaranteed returns and security. The doctor became entangled in this tempting offer and started to transfer payments to the specified account using a link provided by fraudsters.
Based on the trust he had developed, the victim doctor sent almost Rs. 76.5 lakhs to that account over the course of three weeks in October.
On October 22, he attempted to withdraw ₹50 lakh from his account. To his surprise, the transaction failed. When he called Deepak he asked him to deposit ₹50 lakh to unlock his amount.
Finally, his eyes opened and this is when he realized he had been scammed. Without wasting much time he rushed to the nearest police station and reported the case to local authorities.
What Crucial Steps Did the Doctor Overlook?
The doctor could have avoided this costly scam by watching for these red flags:
- Free stock market tips from unregistered individuals.
- Unverified or unauthorized WhatsApp groups.
- Requests to transfer money to third-party accounts through suspicious links.
- Failing to verify account details before transferring funds.
- Promises of quick and guaranteed returns.
Notably, this type of scam can target anyone. The desire to make simple and quick gains is a basic human tendency that can excite anyone into falling victim to such scams.
In such situations, most people lose their calm and are unaware of what to do further. If you too are the victim of one or the other similar scam then report your concern to the local police station, Cyber Crime, and SEBI.
In case, you need any assistance in filing a case against the suspect, then fill in your details in the form below. We will arrange a callback in no time and help you with your concern.
