A woman from the Gotri area of Vadodara has lost ₹1.49 crores in an online share trading scam. The fraudsters lured her with promises of high profits. They persuaded her to transfer large sums of money into various accounts but did not return any amount when she asked for it. The victim filed a complaint with the cyber crime unit.
The woman, who lives in Nilkanth Apartment, received a message on her mobile phone. The message was from a person named Vijay Singh. He offered free tips on share trading through a WhatsApp group. The group had 101 members, and Vijay regularly posted tips on which shares to invest in for good profits.
To engage in trading with US stocks, Vijay instructed her to open an account with a broker named Kira Capital Corporation. She provided her documents, including her Aadhaar card and PAN card, as required.
She deposited ₹50,000 into the broker’s account and began trading. Within two days, she saw a profit of ₹1.15 lakh displayed in the app. Encouraged by this, she withdrew ₹1,000, which was credited back to her account, increasing her trust in the process.
From April 23 to May 10, she transferred ₹1.49 crores into various bank accounts for investments. The app showed a profit of ₹1.76 crores in her portfolio. However, when she tried to withdraw any of the profits, she could not. The fraudsters refused to return her principal investment and the profits.
Realising she had been scammed, the woman reported the case to the cyber crime police. The police have started an investigation into the matter.
This incident highlights the risks involved in online trading and the prevalence of scams targeting unwary investors. Financial experts advise potential investors to be cautious and conduct thorough research before making investments.
They recommend consulting financial advisors for guidance and avoiding investments in shares without adequate knowledge. Online trading can bring significant rewards, but it also carries substantial risks, especially for those who are not well-informed.
In recent years, many individuals have fallen victim to similar scams. These scams often promise high returns with minimal risk, attracting many people looking to make quick profits. Victims are urged to report any suspicious activity to the authorities immediately.
Investors should always verify the credibility of the trading platforms and the individuals offering investment advice. They should also be wary of unsolicited messages offering trading tips or asking for money to invest.
As this case unfolds, it serves as a reminder to everyone about the importance of being vigilant in the world of online investments.
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