The rise of online trading scams is stirring concern throughout the nation, with numerous individuals suffering substantial financial losses as a result. Recently, an alarming incident unfolded in Gurugram, where a doctor found himself ensnared in this digital deception, losing a staggering sum of Rs 2.5 crore to unidentified cybercriminals.
Online Trading Scam
The victim, identified as Dr. Puneet Sardana and a resident of Kendriya Vihar Society in Sector 56, stumbled upon an alluring advertisement on the internet on January 4, 2024. This advertisement dangled the promise of lucrative returns through investments in the stock market and initial public offerings (IPOs), painting an enticing picture of financial success.
Succumbing to the temptation, Dr. Sardana ventured into what seemed like a promising opportunity, only to fall victim to the elaborate scheme concocted by fraudsters operating in the shadows of cyberspace.
Dr. Sardana was drawn in by promises of quick money and decided to reach out to the contact number listed in the ad. When he asked about it, the person on the other end sent him a link via WhatsApp. This link led him to download an app for buying shares, which seemed genuine to him. Believing in its reliability, Sardana began investing, starting with Rs 50,000 to buy shares.
How Dr. Sardana Fell Victim to a Deceptive IPO Scheme
Dr. Sardana, after investing initially and seemingly seeing success, got lured into participating in an IPO. The app falsely displayed a huge profit of Rs 3.19 crore in his account. Yet, when he tried to withdraw the money, he couldn’t.
Desperate to access his profits, Dr. Sardana reached out to the scammers, who tricked him into believing he needed to make “security deposits” to unlock his funds. Falling for their scam, he ended up transferring a total of Rs 1.36 crore in various transactions.
Following a successful deception that led to the extraction of a substantial sum from the doctor, the perpetrators swiftly disappeared without a trace. Dr. Sardana exhausted all available communication channels in an attempt to contact them, yet his efforts proved futile. Left with no recourse, he eventually resorted to involving law enforcement by filing a formal complaint.
This incident underscores the inherent risks associated with online advertisements and enticing offers that appear too good to be true. It is a cautionary tale, resonating with numerous victims who have shared similar harrowing experiences.
Many individuals have fallen prey to the allure of applications promising lucrative returns, only to find themselves victims of online financial fraud, losing their hard-earned money in the process.
How to Stay Safe From Online Trading Scam?
Protect yourself from rising online trading scams with these helpful tips:
- Trust your instincts – if an offer appears overly generous, it’s probably a scam. Avoid investing based solely on advertisements or recommendations from unfamiliar sources.
- Conduct thorough research before committing to any online investment platform. Take the time to read reviews from other users and verify the legitimacy and credibility of the platform by checking its registration status with relevant authorities.
- Safeguard your sensitive information such as bank account details, passwords, and credit card numbers. Refrain from sharing such data online, particularly on websites or platforms you’re not familiar with.
- Stay vigilant and promptly report any suspicious activity or suspected fraud to the appropriate authorities and the platform involved. Taking swift action can help prevent further harm and protect others from falling victim to scams.
Online Trading Scam FAQs
Q.1. What is an online trading scam?
Ans. Online trading scams involve deceptive schemes where individuals are lured into investing money in fraudulent platforms promising high returns.
Q.2. How did Dr. Sardana fall victim to the scam?
Ans. Dr. Sardana was enticed by an enticing advertisement promising lucrative returns. He invested money through an app that turned out to be fraudulent.
Q.3. How can I protect myself from online trading scams?
Ans. Protect yourself by trusting your instincts, conducting thorough research before investing, safeguarding sensitive information, and promptly reporting suspicious activity.
Q.4. What are common red flags of online trading scams?
Ans. Common red flags include promises of quick and unrealistic profits, requests for large “security deposits” to unlock funds, and unverified platforms.
Q.5. What should I do if I suspect I’m a victim of an online trading scam?
Ans. If you suspect you’re a victim, report the incident to the appropriate authorities and the platform involved immediately. Take swift action to mitigate further losses.
