Life Insurance Agent Defrauded of Rs 20 Lakh in Stock Investment Scam: Here’s the Full Story

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Life Insurance Agent Defrauded of Rs 20 Lakh in Stock Investment Scam: Here’s the Full Story



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HIGHLIGHTS

The predicament started when a scammer initiated contact with the complainant through an instant messaging platform.

The scammer provided guidance on stock market positions and introduced high-quality stocks for potential investment.

The victim found himself added to three instant messaging groups where he was instructed to transfer money into several bank accounts.

Picture this: you’re presented with an enticing opportunity to enhance your finances through savvy stock market investments, only to discover that it was all an elaborate con. This unfortunate scenario befell Bijay Kumar Pradhan, a 48-year-old life insurance agent residing in Danipali, who recently fell victim to an online stock market scam, resulting in the loss of Rs 20.45 lakh.

The ordeal commenced when a man named Ravi Sarangi made contact with Pradhan via an instant message platform. Sarangi educated the complainant about various stock market positions and shared insights on high-quality stocks that he could consider for future investments, as reported by TOI.

For further insight, you may read: Bengaluru techie loses Rs 11cr in fake money laundering case: Here’s what happened.

Before long, Pradhan was incorporated into three different instant messaging groups where fraudsters urged him to funnel money into a variety of bank accounts. The swindlers reassured him that his investments were completely safe. Initially, everything appeared above-board, as Pradhan began receiving minor returns on his investments. This created a false sense of security, inciting him to invest even larger sums. However, when he attempted to retrieve his funds, he was met with demands for additional deposits as a prerequisite to withdraw any of his prior investments.

Between October and November 15, 2024, Pradhan unwittingly transferred a staggering total of Rs 20.45 lakh to numerous bank accounts, utilizing even funds from his wife’s account.

To read more about scams, check out: Delhi man loses Rs 9 lakh to fraudsters posing as electricity department officials.

How to Safeguard Yourself Against These Types of Scams

  • Be wary of unsolicited communications: Steer clear of unfamiliar individuals presenting unexpected investment opportunities.
  • Conduct comprehensive research: Always authenticate the credibility of any investment platform or advisor offering financial guidance.
  • Take your time before investing: Scammers frequently instill a sense of urgency, compelling you to make swift monetary decisions. Assess the offer carefully before proceeding.
  • Look out for warning signs: If the promised returns seem excessively generous, be skeptical, as high returns typically come with high risks or potential fraud.
  • Protect your personal details: Never disclose sensitive information like banking details to unfamiliar entities online.

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