MUMBAI MAN SPAMMED ON SOCIAL MEDIA WITH INVESTMENT OFFERS, NEXT THINGS HE KNOWS HE LOST RS 45 LAKH

Online scams are rampant in India. Thousands of individuals around the country have ended up falling victim to these scams. A 44-year-old man from Navi Mumbai has become the latest victim of a cyber fraud targeting unsuspecting individuals on social media. The man lost a staggering around Rs 45.69 lakh after he was lured into investing in share trading with promises of high returns.

The victim, who wishes to remain anonymous, alleged that he was contacted on various social media platforms by the accused, who convinced him to invest a staggering Rs 45.69 lakh between March 2 and April 14. However, he did not receive any returns on his investment and was unable to recover the principal amount, reports the Economic Times.

Realising it to be fraud, the man registered a case and an FIR has been filed against five accused under sections 420 (cheating), 406 (criminal breach of trust), and other relevant provisions of the Indian Penal Code and the Information Technology Act. The investigation is ongoing, with the police tracing mobile numbers and social media IDs to identify the perpetrators.

How the scam works 

Notably, this is not an isolated case of scam. In the last few months many reports of similar incidents have come to light, cybercriminals use social media platforms to lure victims into fraudulent investment schemes.

These scams often follow a similar pattern:

 

• Fraudsters create fake social media profiles and send friend requests to unsuspecting victims.
• Once accepted, they build trust by sharing fake success stories and promising high returns on investments.
• Victims are then convinced to invest in share trading or other schemes, with promises of quick profits.
• The fraudsters disappear with the money, leaving the victims with significant financial losses.

How to stay safe 

While people are aware of scam incidents, yet many end up in the trap. It is important to stay safe and try to avoid any lucrative "too good to be true" schemes. Here are some important tips you can follow to stay safe from such scams:

Be wary of unsolicited investment offers: Never invest based on unsolicited calls, messages, or social media posts. 

Do your research: Always research any investment platform or scheme thoroughly before committing any funds. Verify their legitimacy with regulatory bodies. 

Promises of high returns are often red flags: If an offer seems too good to be true, it probably is. Legitimate investments typically offer moderate and realistic returns. 

Never share personal financial information: Avoid sharing your bank details, passwords, or other sensitive financial information with anyone online, especially through unverified platforms. 

Invest through trusted channels: Only invest through established and reputable financial institutions or platforms with a proven track record. 

Report suspicious activity: If you encounter any suspicious investment offers online, report them to the authorities immediately.

2024-04-17T08:16:16Z dg43tfdfdgfd