Mumbai IT Professional Loses Rs 1.16 Crore to Online Fraud After Clicking on Fake Advertisement: Tips to Stay Safe
Mumbai IT Professional Loses Rs 1.16 Crore to Online Fraud After Clicking on Fake Advertisement: Tips to Stay Safe
A senior IT professional from Mumbai falls victim to a sophisticated online scam involving false promises of stock market returns. Here’s how you can avoid such frauds.
In a shocking case of online fraud, a 49-year-old IT professional from Vasai, Mumbai, lost Rs 1.16 crore after being duped by a fake online advertisement. The victim, who holds a senior position at a prominent IT company, was lured into the scam by an ad promoting substantial returns on stock market investments. The case serves as a reminder of the increasing threat of cybercrime in India.
The victim came across the fraudulent advertisement while browsing the internet. Promises of impressive returns piqued his interest, leading him to click on the link. Shortly after, he was added to a WhatsApp group consisting of approximately 125 members, many of whom claimed to have profited from the advice provided by the group’s administrators.
Swayed by these success stories, the victim decided to participate. He was instructed to download a trading app, which appeared legitimate, and follow the investment advice of the group’s “experts.” Over the course of four days, from August 16 to August 20, the victim transferred a staggering Rs 1.16 crore into multiple accounts as directed by the group.
Trouble arose when the victim attempted to withdraw his investments and supposed profits, only to find that the withdrawal was blocked. The scammers further demanded additional payments under the guise of processing fees for the refund. It was at this point that the victim realized he had been defrauded and immediately contacted the police to file a complaint.
This incident highlights the growing sophistication of online scams and the need for vigilance. With online fraud becoming more prevalent, especially in the realm of investment schemes, it’s crucial for individuals to exercise extreme caution when engaging with digital financial platforms.
Tips to Stay Safe:
Avoid Clicking on Unverified Ads: Be wary of advertisements promising unrealistic returns. If it sounds too good to be true, it probably is.
Verify the Platform: Always research investment platforms thoroughly. Check if they are registered with regulatory authorities such as SEBI (Securities and Exchange Board of India).
Don’t Share Sensitive Information: Never disclose personal details like bank account numbers or credit card information on unfamiliar websites or to individuals you’ve only interacted with online.
Beware of High-Pressure Tactics: Scammers often create a sense of urgency to force quick decisions. Legitimate investments will never rush you into making impulsive choices.
Watch Out for Red Flags: Promises of high returns with no risk are classic signs of a scam. Always remember that real investments come with risk.
As cybercriminals become more adept at exploiting digital platforms, it is imperative to stay informed and vigilant to avoid falling prey to online fraud
