Hyderabad: A 39-year-old businessman from Hyderabad has alleged that he lost approximately Rs 49 lakh in an equity fund scam.
According to the complainant, the scam began with a phone call and a message on WhatsApp, advising him to trade on an international equity fund platform.
The businessman downloaded the app from the Play Store, after which the scammers provided him with a user ID (9440601609) for trading. Trusting their advice, he began investing up to a total amount of Rs. 48,97,000.
On the app, the scammers had displayed the invested amount along with a supposed profit of Rs. 62,13,535. However, when the complainant attempted to withdraw the funds, the scammers declined the transaction and demanded a 27 per cent tax payment.
Realising that he was duped, the businessman reported the incident online at 1930 and filed a complaint requesting necessary action.
Public Advisory
Here are a few things to keep in mind to avoid getting trapped in such scams:
Avoid making monetary investments based on unsolicited calls, messages, or social media posts, as they may be fraudulent and not legitimate.
Scammers use fake trading apps to dupe people by promising large profits and sharing fake profit screenshots. They create fake social media profiles, invite victims, build trust, share success stories, and promise high returns.
After that, they will credit a small amount in the victim’s account to gain their confidence, before pulling off the scam.
Download applications only from trusted sources like legitimate websites or authorised app stores, and not links received on social media posts/ chats/ SMS. Properly verify the app details on the developer’s website or app stores before downloading.
Avoid sharing bank details, passwords, and OTP card details with strangers (both online and offline). Invest through trustworthy financial platforms, and always consult a SEBI registered financial advisor before investing.
Always provide only the necessary permissions required for the functioning of any app. Pay attention to reviews and comments of the users, before installing any applications. Examine the app’s promises and schemes carefully.
In case you become a victim of cyber fraud, immediately report the incident by dialling 1930 or visiting cybercrime.gov.in.
