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Mumbai: Fake stock market online trading scam is new con in town
Updated On: 01 March, 2024 06:48 AM IST | Mumbai | Faizan Khan
Cyber Cell has been swamped with dozens of complaints in February alone, as cops suspect many more have been scammed in past 3 months
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A 49-year-old businessman filed a case after being duped of over R40 lakh. Representation Pic
After the crackdown on loan app scams and ‘like and earn’ schemes, scammers are now turning to online stock market fraud. In the past three months, the city’s crime branch cyber cell registered dozens of cases, with more reported to local police stations, especially for amounts under Rs 10 lakh. Suspected to operate from Dubai, similar to the ‘like and earn’ scam, these fraudsters are targeting Indians nationwide. They’re using social media ads to attract victims, promising to double investments in fraudulent stock market trading schemes. SEBI recently warned against investing through unregistered apps after receiving numerous complaints.
A 49-year-old Andheri businessman, having lost Rs 42 lakh this month, lodged a cyber cell case. According to his complaint, he was watching reels on Instagram promoting share market investments and the potential for high profits. “I expressed interest in the investment and began communicating with them. The individual introduced me to three companies: Carson Wealth, Baring Capital, and Pantheon Venture. Subsequently, I was added to four different WhatsApp groups of these companies where investment tips were shared. I started investing with my DMAT account based on their recommendations and initially saw some profits, which led me to trust them,” the FIR stated.
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