Telangana - 213 trading fraud cases already filed in 2024, victims lost Rs 27.4 crores
According to telangana State Cyber Security Bureau officials, the emergence of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital trading platforms has coincided with a rise in fraudulent activities aimed at investors. These activities primarily involve the deceptive promise of securing pre-allotment in upcoming Initial Public Offerings (IPOs) through institutional investment in the stock market.
These deals prey on people's need for quick and substantial financial gain. These fraudulent offers are often sent to victims using messaging services such as whatsapp, Telegram, Instagram, and platform X.
The victim is then asked to download fraudulent trading programs after expressing interest. These programs are intended to give users' financial and personal information to criminals.
Nevertheless, the con artists refuse the victims' pleas to withdraw their purported gains, causing them to suffer large financial losses.
In one instance, a businessman from kukatpally lost a staggering Rs. 5.98 crores as a result of investing in an unapproved app named "GSIN" and joined the whatsapp group "Goldman Sachs business School." The prospect of large earnings enticed him, but he ultimately lost a fortune.
• Stock markets are essential to ensuring transparent and equitable trade. Investors should only transact through reliable, regulated stock exchanges to lower the risk of fraud.
• To safeguard their interests, investors should choose reputable, licensed stockbrokers who are registered with SEBI. It is advisable to verify a broker's credentials and track record before doing business with them.
• Should a citizen become a victim of one of these crimes, they should report it right away to cybercrime.gov.in, the 1930 contact centre, and/or the local police station that is closest to them. In addition to helping the police find and block these applications and apprehend these criminal elements, prompt reporting enhances the likelihood that lost money will be recovered.