Over the years, India has seen a rapid increase in people’s interest in stock market investments. According to the National Stock Exchange (NSE) data, more than 120 million new investors were registered between 2019 and 2023. In January 2024 alone, more than 5.4 million new investors joined the market. Some reasons for this increase in investment are availability of online platforms and apps that allow overall assistance regarding quick registration and investment.

However, helping people with trading with increasing interest and increasing interest in online platforms, cyber scammers have also attracted their attention on the region. They try to woo people with promises of high returns and investment tips, only to cheat their money. There have been several cases in the last few months, where individuals reported to be a victim of cyber fraud after believing in fake investment opportunities.

A recent case mentioned by the Times of India included a doctor from Coimbatore, who lost Rs 15.50 lakh after clicking on the YouTube link about investment tricks. According to the report, Dr. Karthik’s December 2024 began in December 2024 when he was watching YouTube videos. He was already investing in the stock market through his demat account.

One day, browseing the investment -related material, he came to a link that promised more tips and tricks around the business. On clicking it, his phone number was added to a WhatsApp group called “49 upstox wealth group”, where members, who introduced themselves as experts, shared trading tips to attract investors.

Considering the group as real, Dr. Karthik showed interest in his plan. He was then instructed to download a trading app called “UP Institutions”. On 31 December, he installed the app using the link provided by the fraudsters. In the next few weeks, between 31 December and 22 January, he transferred Rs 15.50 lakh in nine installments.

Initially, the app also showed a balance of Rs 25.86 lakh, which caused him to believe that his investment was increasing. However, when he tried to withdraw his money, he found himself unable to do so and realized that he was scam. Following his complaint, the Cybercrime Police registered a case under the respective classes of the Indian Judge and the IT Act. Investigations are underway to track criminals.

Although this is not a separate case of cyber fraud, it is not to fall for such scams. If you come to a suspicious link or join the WhatsApp group promoting investment, report and block it immediately. If you are a victim of such scams, then report it to the police as soon as possible – first you report, the transaction is better to track and fix your money. Remember, vigilance is the key to being safe from investment scams.