IPOs are a great investment option, but they require your attention as investing in the wrong IPO can lead to losses. It is also important to use the right and registered platform for any investment you make.
These days, fake apps and WhatsApp fraud often misguide beginner investors, leading to the loss of their hard-earned money.
Such cases are common, and our team recently came across one where Aakash (name changed) fell victim to a scam. By the time he realized he was being scammed, it was too late to recover the money he lost.
Here is the complete narration of the incident.
Aakash: I received a call from Wizard Fund (name changed), and they added me to a WhatsApp group.
ADB: What happened next?
Aakash: In the group, they showed high returns and profit screenshots, which created a sense of greed in me. They asked me to pay ₹30k, and after that, they shared a link to download their app.
ADB: Did you download the app?
Aakash: Yes, I did. Then they asked me to transfer another ₹30k to trade. Both these amounts were transferred to Bandhan Bank account.
ADB: And how did the trading go?
Aakash: Initially, I got some profit. Then they asked us to add ₹70k to invest in high return IPO of a company. This time, they shared bank details of Bhartiye Reserve Bank.
ADB: Did you invest in the IPO?
Aakash: Yes, but I found something suspicious at that time.
ADB: What was that?
Aakash: The issue price in their app was ₹22 however when I checked Angel One app, the issue price of the same IPO was ₹28.
ADB: Did you ask them the reason for this difference?
Aakash: Yes, but in the next two days, the app showed me a profit of ₹30k.
ADB: So what went wrong?
Aakash: Later, when I make a trade using their account I lost almost all the capital. Currently, the app is displaying the balance of ₹22k which I am not able to withdraw.
ADB: Did you contact them?
Aakash: Yes, I called them, and they asked me to add ₹4 lakh. They’re trying to threaten me now.
ADB: I totally understood your concern. The app you are using is a fake app and you got trapped in a IPO Scam.
Aakash: What can I do to recover my money?
ADB: In this case, you can report Cyber Crime complaint. Make sure you document everything.
Aakash: Okay thanks, will do that!
The biggest lesson from Aakash’s case is to stay alert and never download any app using a link.
Even if they claim to be a broker, always download apps and make investments through the Play Store or App Store on your device.
