No investment is risk-free. If someone promises guaranteed returns, it’s likely a scam. (Pic credit: Getty Images)
Two Noida residents were defrauded of about Rs 1.40 crore by cyber thugs by promising huge returns on stock market investments
Two Noida residents were defrauded of about Rs 1.40 crore by cyber thugs by promising huge returns on stock market investments.
Additional Deputy Commissioner of Police (Cyber Crime) Preeti Yadav told news agency PTI that the victims include a woman and a man who have filed separate complaints.
‘Tip’ On WhatsApp Group
Yadav said that Trishala, who lives in the Golf Avenue Society in Sector 75, lodged a report in the Cybercrime Police Station last night in which she said she was added to a WhatsApp group — BlackRock Stock Club — a few months ago.
A woman in the group shared with her information about stock market investments and got her to download an app on her phone, Trishala alleged.
She said she initially got some returns from her investments and as she grew trust in the system she decided to invest Rs 1 crore, according to the officer.
But when Trishala wanted to withdraw her money, the accused allegedly refused to let her do so and removed her from the group, according to the complaint.
Yadav said the police has registered a case based on the complaint and is probing the matter.
In a similar case, Sector 16 resident Rohit Chawla filed a report in the cybercrime police station last night, alleging he was defrauded of Rs 40.70 lakh.
The officer said police have registered a case and are investigating the matter.
Protecting Yourself from Stock Market Investment Scams
- No investment is risk-free. If someone promises guaranteed returns, it’s likely a scam.
- Before investing, research the company, its financial history, and the investment advisor or platform. Look for reviews and testimonials from other investors.
- Ensure that the investment advisor or platform is registered with the Securities and Exchange Board of India (SEBI). You can check this information on SEBI’s website.
- Legitimate investment firms will give you time to consider your options. If someone pressures you to invest immediately, be wary.
- Be cautious about sharing personal information online, especially with unsolicited contacts.
- Stick to well-known and regulated online trading platforms.
- If you’re unsure about an investment opportunity, consult with a qualified financial advisor.
- If you suspect a scam, report it to the appropriate authorities, such as the Police, SEBI, Bank, or RBI.
(With PTI inputs)
