Hyderabad homemaker loses Rs. 3.6 lakh in fraudulent investment scheme
Hyderabad: Amid increasing cybercrime cases in the country, a 32-year-old housewife from Hyderabad fell prey to a WhatsApp scam, resulting in a loss of Rs. 3.6 lakh. The scam unfolded when the victim was contacted through WhatsApp by representatives of M-Stock Max, a trading platform. The victim said she had no idea how the scammers obtained her contact information.
The scammers called the homemaker, explained an exciting investment opportunity and convinced her that she could earn significant profits if she chose to invest. Lured by the enticing investment opportunity, the victim transferred Rs. 3,60,000 to the company account provided by the scammers.
Following the successful transaction, the scammers informed her that the funds had gone into an IPO and were temporarily on hold, but they assured her that she could withdraw the money within 15 days. They insisted that she transfer additional funds to ensure a smooth withdrawal process. However, the victim became suspicious and stopped making further payments. Subsequently, she did some investigation by herself and discovered that the scammers were using the name and details of M-Stock, a legitimate company, to defraud innocent people.
She also discovered that scammers are also running a WhatsApp group with 80-100 members, seemingly involved in similar fraudulent schemes. After realizing she had been scammed, the victim filed an online complaint for help.
Public Advisory:
Fraudsters frequently approach victims through various online social media platforms, including Telegram, WhatsApp, X, Instagram, and Facebook, by advertising fake investment apps and websites.
These schemes are fraudulent and lack SEBI’s endorsement. Always consult a SEBI-registered financial advisor before making any investments. Fraudsters often use simple tactics to lure unsuspecting investors with promises of high returns and fake profit screenshots.
They may initially credit a small amount to gain the victim’s confidence. Do not fall for promises of huge returns.
In the event of a cybercrime fraud, immediately dial 1930 or visit http://cybercrime.gov.in. For emergency assistance, please call or WhatsApp 8712665171.
