Online Share Trading Fraud: Mumbai Woman Loses Rs 1.92 Crore In 3 Months, Here’s How To Stay Safe
The woman transferred a collective sum of Rs 1,92,82,837 into various bank accounts since December 2023. (Representative image)
The accused lured the victim, a resident of the New Panvel area, into online trading of shares with a promise of high returns on her investments.
Police have registered a case against nine persons for allegedly cheating a 40-year-old woman from Navi Mumbai township in Maharashtra of Rs 1.92 crore in online share trading, an official said on Wednesday.
The accused lured the victim, a resident of the New Panvel area, into online trading of shares with a promise of high returns on her investments.
Also Read: High Returns Scam! Cryptocurrency Trading Fraud In Navi Mumbai, Businessman Loses Rs 60 Lakh
She transferred a collective sum of Rs 1,92,82,837 into various bank accounts since December 2023 as instructed by the accused, but was not able to withdraw any amount later, Cyber police station’s senior inspector Gajanan Kadam told news agency PTI.
When she did not get any satisfactory response from the accused, she filed a police complaint.
Case Filed
The police on Tuesday registered a case against nine persons under Indian Penal Code sections 420 (cheating), 406 (criminal breach of trust) and 34 (common intention) and provisions of the Information Technology Act, the official said.
Here are some key things to keep in mind to be safe from scams in online share trading:
Before you invest:
- Do your research: Choose reputable and regulated online trading platforms. Verify their registration with relevant financial authorities like the SEBI or RBI.
- Beware of unsolicited offers: Scammers often use high-pressure tactics and promises of guaranteed returns to lure you in. Avoid investing based on unsolicited calls, emails, or social media messages.
- Understand the risks: The stock market is inherently risky, and no investment is guaranteed to return a profit. Don’t be swayed by claims of “get rich quick” schemes.
- Educate yourself: Learn about different investment options, trading strategies, and financial literacy before putting your money at risk. Use reliable sources like government websites or accredited financial institutions.
- Never share your login credentials: This includes usernames, passwords, and two-factor authentication codes. No legitimate institution will ask for these via unsolicited communication.
- Be wary of free investment advice: Legitimate financial professionals charge fees for their services. Free advice may often be a ploy to lure you into a scam.
(With agency inputs)
