Trading Fraud: In the greed of becoming rich quickly, a Mumbai man got cheated of Rs 3.7 crore, do not make this mistake

Trading Fraud: Due to greed and haste to earn more money in less time, people are also facing huge losses. Stock market or trading scams are also happening a lot in India. The latest case is from Mumbai where a chemical engineer was defrauded of Rs 3.7 crore in a trading scam. Let us know the whole matter...

May 16, 2024 - 18:49
Trading Fraud: In the greed of becoming rich quickly, a Mumbai man got cheated of Rs 3.7 crore, do not make this mistake

Comparing India to many other countries, there are far fewer people investing in the stock market, though this is starting to change as more online investment options become available. Many apps are available to help people invest in the stock market, but many people are also losing a lot of money because they are greedy and want to make more money quickly. In India, scams involving the stock market or trading are also common. In the most recent instance, a chemical engineer in Mumbai was conned out of Rs 3.7 crore through a trading scam.

This whole matter is related to social media. On February 17, 2024, a 43-year-old chemical engineer from the Vashi area, working in a private company, saw an advertisement on social media that claimed to give good profits from the stock market. After seeing the advertisement the engineer contacted him on the number given. After that WhatsApp chat started between the thugs and the engineer.

After this, the engineer was included in many social media groups. Meanwhile, the engineer talked to a person who was said to be a senior security officer in a big bank. The engineer invested Rs 3.7 crore in about a week. Later the engineer was told that his investment in shares and IPO had increased to Rs 22 to 23 crore.

After this, the engineer was included in many social media groups. Meanwhile, the engineer talked to a person who was said to be a senior security officer in a big bank. The engineer invested Rs 3.7 crore in about a week. Later the engineer was told that his investment in shares and IPO had increased to Rs 22 to 23 crore.

You should not make such mistakes:

  1. The first thing is that do not trust any claim made on any social media under any circumstances.
  2. Do not invest a huge amount in any app or website.
  3. Do not fall prey to claims made by unknown people.
  4. Do not install any unknown mobile app on your phone.
  5. Do not click on any unknown link or fill out any form.
  6. Do not give information about your PAN card, bank account, etc to anyone.
Muskan Kumawat Journalist & Content Writer