Stock market trading or investment in the global market requires awareness in the first place. Having an understanding of what is possible and what’s not can actually protect you from bigger scams.
However, people pay the least attention to this and end up losing their money in the share market.
Recently, we came across one such case, where Sanket (name changed) joined a random WhatsApp group from a link provided on Instagram and lost more than ₹30k in the scam.
ADB: Hello Mr. Sanket, please let me know how I can help you.
Sanket: I got scammed by a WhatsApp group.
ADB: We are really sorry to hear that. Kindly share the whole concern.
Sanket: Around 2-3 months ago, I came across a WhatsApp Group link while randomly scrolling on Instagram. They used to provide tips there.
ADB: So, did you use their tips?
Sanket: Initially I didn’t, but later they added me to another group where the admin said that he used to do global trade and was a market operator. They were planning to open their branch in India and were gathering an audience for the same.
ADB: Did they provide you with tips there as well?
Sanket: There, they first provided us with their app link and asked us to download the app. Then they said that they would add a fund of ₹30k that we could use to trade and we could withdraw any profit we made.
ADB: Did it go that way?
Sanket: Yes, they used to provide US market tips and a few Indian stocks. Initially, I earned and withdrew a profit of ₹10k.
ADB: So, where exactly did things turn south?
Sanket: Then they called me and said that they were now registered with SEBI and shared a SEBI certificate with their branch address in Bangalore. They then asked me to join their premium group by paying ₹10k.
ADB: What services did they provide there?
Sanket: They said that they would provide me with stock recommendations that I could buy at prices lower than market value.
ADB: That’s suspicious as it is not actually possible.
Sanket: I was not aware of that at the time and paid the fee.
ADB: What happened next?
Sanket: I again booked a profit of ₹7500, but that time I was unable to withdraw it.
ADB: Did you try to call them?
Sanket: I called them multiple times, but they first stopped answering my calls and later on blocked me. Also, one thing that I noticed was that every 2-3 weeks they used to create a new group and delete the previous one.
ADB: That’s weird. Well, this is purely a case of WhatsApp scam. You can document the proofs you have and report this case to cybercrime and SEBI if required.
Sanket: Thank you, Sir!
ADB: You’re most welcome and feel free to reach out in case you need any further clarification.
