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Mumbai: Stay alert to stock market fraud on social media
Updated On: 17 July, 2024 07:18 AM IST | Mumbai | Vinod Kumar Menon
Advocate loses Rs 22 lakh to stock fraud, got lured by the promise of making lucrative profits in stock market
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There are several red flags that can alert one to fraud. Representation pic
A Mumbai based advocate (name withheld) and practicing in Delhi, who was keen to learn stock market trading, was amongst hundred plus investors to get duped in the latest Bombay Stock Exchange (BSE) online stock market trading scam, promising lucrative returns.
The advocate recently came across a stock market training advertisement on Instagram and came in contact with a person who identified himself as an MBA from Wharton School of the University of Pennsylvania, USA and worked as chief strategy analyst at a reputed stock broking and trading firm in India, having its corporate office in Mumbai and registered office in Delhi. The man provided her with a month-long free online training on stock market functioning. Impressed by the tips and techniques given by him, out of 47 stocks recommended between June 28 to July 16, 44 stocks achieved a return of 405%.
And before she could realise the modus operandi, it was too late, on a single day, she was duped to the tune of over Rs 22 lakh and now the advocate has lodged a case with Delhi Cyber Cell on July 13. The police investigations revealed all the phone numbers given by the man to the victim were fake. He had also created numerous fake content and articles online, including the company details. It is even suspected that the genuine company details were misused to gain the confidence of unsuspecting victims.
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