In another case of online trading scam, a 60-year-old man from Menamkulam, Kerala lost Rs 71.75 lakh after downloading an app to learn online trading and investing. The fraudsters reached out to them through WhatsApp messages and promised them tips to make big profits in trading. However, as soon as the victim was lured by their attractive promises, the scammers made him invest a huge amount, which the victim could never withdraw.

According to the case reported by Times of India, the victim, who was already an experienced trader, was first contacted by the fraudsters on WhatsApp in December last year. The fraudsters shared detailed information and tips about online trading and emphasized on how they can provide them with better opportunities to make significant profits. Impressed by their suggestions and information, the victim decided to learn more about the offer.

As soon as the victim followed the instructions of the scammers, he was instructed to invest a small amount in the scheme, through which he received timely returns. These initial returns convinced the victim that the opportunity was genuine and he or she trusted the scammers and moved forward. As the victim showed more interest, he was then instructed by the scammers to download a mobile application that allowed him to track his investments and view the profits earned. The app’s seamless interface and continuous display of increasing profits motivated the victim to increase his investment.

According to the report, in a period, the victim made 12 transactions investing various amounts till January 10 this year. However, when the victim tried to withdraw his investments and profits shown on the app, the fraudsters cited “technical issues” and urged him to invest more to unlock his earnings.

The victim followed the instructions. However, his suspicions were aroused when his repeated withdrawal attempts failed, and the victim eventually realized that he had been defrauded. They lodged a complaint with the city cyber police, which revealed that the funds were transferred to seven different bank accounts. A case was registered against eight unidentified persons, including the person who initially contacted the victim on WhatsApp.

Notably, this is not the first case where we have seen scammers reaching out to individuals on WhatsApp or other platforms and offering tips on online trading. Over the past few months, many individuals have lost lakhs of rupees due to these scammers and their lucrative offers of earning easy money with guaranteed profits in trading. However, it is important to note that online trading never promises guaranteed profits, especially not like 500 percent. If someone is promising returns that are too good to be true, it is probably a scam.

If you receive such messages, do not reply. And if you are planning to invest through an app, always download it from official channels like Google Play Store or Apple Store. Always check the legitimacy of any trading platform before investing. Check reviews, ratings and registration with regulatory authorities.

Additionally, beware of unwanted messages or calls on WhatsApp or social media platforms. Never share personal or financial information without verification. If you suspect fraud, contact the Cyber ​​Crime Cell or lodge a complaint at www.cybercrime.gov.in.