HIGHLIGHTS

It all began when the victim, a retired employee from TCS, noticed a stock trading application on a social media site.

The advertisement appeared credible and was purportedly associated with a well-known financial services organization.

After clicking on the ad, he found himself added to several WhatsApp groups where members exchanged stock market advice.

Picture yourself stumbling upon an enticing advertisement for stock trading on social media, promising substantial returns, and thinking—why not give it a try? This was the reality for a 61-year-old retired businessperson from Bandra, Mumbai. What initially seemed like an innocent foray into investment swiftly transformed into a harrowing experience, culminating in a staggering loss of ₹2.32 crore. Read on to discover how this transpired and learn valuable tips to shield yourself from similar scams.

The ordeal commenced in November 2024 when our victim, a former employee of Tata Consultancy Services (TCS), encountered a stock trading app on a social media platform. The advertisement exuded authenticity and claimed an affiliation with a reputed financial services brand, as reported by Times of India (TOI).

Upon clicking the ad, he received invitations to multiple WhatsApp groups brimming with members who exchanged frequent stock market tips. Feeling encouraged by the shared insights, the businessman began to invest money regularly, believing in the promise of easy profits.

In a similarly concerning incident, a physiotherapist lost ₹1.9 lakh after falling prey to a deceptive gaming website.

As time progressed, he transferred a total of ₹2.32 crore to various bank accounts, drawn in by the allure of quick riches. The scammers further manipulated him into installing a mobile application that showed an impressive profit of ₹3.17 crore—the catch was that he couldn’t withdraw a single rupee.

Tips for Avoiding Such Scams

• Verify before investing: Always research and confirm the legitimacy of any trading platform or app before committing your money.
• Beware of WhatsApp groups: Scammers often create fake group chats to cultivate a false sense of trust. It’s unwise to depend on investment advice from strangers.
• Caution regarding high-return promises: Remember that if an offer seems too good to be true, it often is.
• Avoid unknown ads: Ads on social media can be misleading and lead you into traps set by scammers.
• Consult trusted experts: Always engage with a registered financial advisor prior to making significant investments.

In another alarming case, a retired government official lost ₹22 lakh after clicking on a deceptive ad. These incidents serve as cautionary tales that emphasize the importance of vigilance and deliberation in investment decisions.

Investing can indeed be rewarding, but it’s crucial to approach it with skepticism—especially in today’s digital landscape, rife with scams and fraudulent schemes. By employing due diligence and scrutinizing the credibility of opportunities before investing your hard-earned money, you can safeguard yourself against potential financial disasters.