Something similar happened to a man from Hyderabad who fell victim to one
How the scam developed
According to a report in the New Indian Express, the 40-year-old man was initially contacted through random calls, including messages on Telegram, where he was lured to join a group that claimed to offer profitable trading opportunities. The scammers added him to social media groups where they showcased the supposed success stories of others who had invested and made significant profits.
Encouraged by these (fake) success stories, the victim began investing a small amount of money. To his surprise, he quickly got a return on his initial investment, which further convinced him of the legitimacy of the scheme. This early success was part of the fraudsters’ strategy to build trust and encourage the victim to invest larger amounts.
As the victim’s confidence grew, he decided to invest more money, even going as far as taking out bank loans and borrowing from friends to increase his trading capital. The scammers, posing as experienced traders, gave him tips and advice that appeared to lead to profitable trades.
However, as time passed, the victim began to notice irregularities. Despite his trades showing profits, the system will automatically close them, resulting in losses. When he questioned this, the fraudsters blamed the system’s automated processes and assured him that his losses could be recovered by investing more.
The situation reached a tipping point when the victim was unable to withdraw money from the trading app. He became increasingly worried and approached a friend for a loan and explained his predicament. It was this friend who first alerted him to the possibility that he was being cheated. Realizing the gravity of the situation, the victim immediately lodged an online complaint with the cyber crime police.
Here’s how to protect yourself from such scams
This incident serves as a stark reminder of the dangers of online investment schemes, especially those that promise quick and easy profits. Cybercriminals often use sophisticated tactics to build trust with their victims, only to trick them into losing significant amounts of money.
Therefore, if you receive random calls or messages offering investment opportunities, treat them with caution. Scammers often use high-pressure tactics to convince you to invest quickly.
If you decide to invest, before proceeding, research the platform or group thoroughly. Check for reviews and check if the platform is registered with relevant financial authorities.
In addition to this, be careful about sharing your financial details or personal information with unknown parties, especially through unsecured communication channels.
If you are considering a new investment opportunity, seek advice from trusted friends, family members or financial advisors. A second opinion can help you avoid making hasty decisions based on false promises.