Trading Fraud: Mumbai Man Loses ₹3.7 Crore Due to Social Media Scam, The lure of making quick money in the stock market has led to significant losses for many individuals in India. Recently, a 43-year-old chemical engineer from Mumbai fell victim to a trading scam where he lost a staggering ₹3.7 crore. The entire ordeal was orchestrated through social media, highlighting the dangers associated with trusting online advertisements and unknown individuals promising high returns on investments.
The engineer came across an advertisement on social media claiming exceptional profits from share market investments. Intrigued by the promise of lucrative returns, he contacted the provided number and initiated conversations via WhatsApp with individuals posing as financial experts.
During these interactions, the engineer was added to multiple social media groups where he encountered a person claiming to be a senior bank official specializing in securities. Within a week, the engineer was convinced to invest ₹3.7 crore, believing that his investment had grown to ₹22-23 crore through shares and IPOs.
Unfortunately, after the significant investment, the scammers vanished, leaving the engineer in a devastating financial situation. This incident underscores the importance of exercising caution when approached with investment opportunities on social media platforms.
To avoid falling victim to such scams:
- Never trust claims made on social media without verifying their authenticity.
- Avoid making substantial investments through apps or websites promoted on social media.
- Stay vigilant against persuasion tactics used by unknown individuals.
- Refrain from installing unknown mobile apps or clicking on suspicious links.
- Never share personal information such as PAN card or bank account details with strangers.