Mumbai Man Duped Of Rs 90 Lakh In WhatsApp Investment Scam

Mumbai 90 Lakh WhatsApp Scam: Recently, a resident of Mumbai has been duped by a WhatsApp group claiming to update him regarding professional investment calls of Rs 90 lakh. This incident goes to show the new danger of online fraud in India, where new areas of scam emerge, thank themselves with this developing interest in stock trading and investments.

The trap was laid when the Mumbai victim was invited to join a WhatsApp group claiming insider tips for making quick gains from stock trading. “The group introduced itself as being managed by foreign experts and sounded very authentic. Promised by the group, the victim was lured into easy money, it quoting. According to the Indian Express, the victim began interacting with the group, as if he had struck a gold vein.

Mumbai Man Duped Of Rs 90 Lakh In Sophisticated WhatsApp Investment Scam

The target had gained a bit more trust with the group as he became more engaged with them. They succeeded in convincing him to open an “Institutional Trading Account” and shared a link regarding the mobile app of the same from the Google Play Store. Being a confident investor, I have downloaded the app and followed the instructions of the so-called experts. After this, the target was asked to deposit Rs 90 lakh into the bank account of some broker company for beginning the trading process.

To further hoodwink the victim, the fraudsters created a spoof account that reflected a virtual profit of Rs 15.69 crore. Convinced by this sham profit, the victim thought this was an investment. When he tried to withdraw his money, the scammers blocked the withdrawal and demanded an extra Rs 1.45 crore as a “Profit Sharing” fee. It was then that the victim realized he had been conned by which time he had already parted ways with Rs 90 lakh.

Unfortunately, this is not an isolated case. Indian online fraudsters are leaving no tool unutilized in their efforts to dupe investors into investments that earn them unusually high returns using messaging apps like WhatsApp. The realistic investment scams have gone hi-tech, where fraudsters design-looking trade apps and give what appears to be sound credible advice to unsuspecting victims.

How to Prevent Becoming a Victim of Scams Online

The moment you go online, you have to be very alert and careful with others online whom you do not know. Given below are some of the steps which will help protect you from falling prey to scams.

1. Authentication: First and foremost, it is necessary that any form of investment to be transacted is indeed genuine. Research the website, go through reviews, and confirm any confirmation about the authenticity of the website, if possible.

2. Be Wary of Unsolicited Advice: Be suspicious of unsolicited investment advice that emanates from sources with which one is unfamiliar, and especially through instant messaging services like WhatsApp.

3. Use Reputable Platforms: Engage only with reputed and verified financial websites, apps, etc., which have been cleared by the official financial authorities.

4. Be Skeptical about Quick Money Schemes: Any investment opportunity promising unusually high returns in a very short period should be looked upon with suspicion. Most of those offers are frauds designed to deceive their victims.

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