There is a rise in cases of online scams in India. Over the past few months, thousands of citizens have reportedly fallen victim to the deceptive tactics of these cyber fraudsters. Among the most vulnerable are the elderly, who may not be well versed in the digital sphere. In one such recent case, a 63-year-old man from Hyderabad fell victim to a fraudulent stock market scheme organized through a WhatsApp group. The scheme reportedly promised high returns on investment, but ultimately resulted in a loss of Rs 50 lakh.

The scam started when the victim joined a WhatsApp group called Stock Discussion Group. Group administrator Kunal Singh presented himself as a reputed financial advisor and claimed that his stock trading guidance had brought extraordinary returns for past clients, The Hindu reported. He further described his “2022 Stock Class” as highly successful, claiming returns as high as 500 percent on specific stocks. Intrigued by the talks and promises of high returns, the victim decided to enroll in the offered online classes in hopes of learning strategies for stock trading and investing.

The sessions were allegedly conducted through links shared within a WhatsApp group, prompting participants to join private online classes where the scammer allegedly provided guidance on market trends and specific stocks. Was offered. During these sessions, the scammers instructed the victim and others to invest through a platform called Skyrim Capital, which they posed as a legitimate financial service provider.

Initially, the victim was encouraged to invest small amounts, which allegedly yielded promising profits, thereby increasing his confidence in the scheme. However, as time passed, the scammer convinced him to make larger investments for more significant gains, leading to the victim eventually investing a total of Rs 50 lakh. He allegedly transferred this money to the names and accounts of multiple beneficiaries to avoid suspicion and tracking.

But when the victim tried to withdraw his profits, he realized that it was a scam, as the scammers refused the withdrawal. According to the police, such scams are becoming increasingly common, especially through messaging platforms where fraudsters can quickly reach a large number of people and dupe them. The public is advised to report any suspicious online financial activities through the National Cyber ​​Crime Helpline 1930 or the portal cybercrime.gov.in.

As online scams become more prevalent, it is very important to remain vigilant, especially for older individuals who may be unfamiliar with online threats. Ask elderly family members to avoid joining investment or financial advice groups on social media or messaging platforms unless the group is from a verified source. Keep in mind that legitimate financial advisors and institutions generally do not operate exclusively through platforms like WhatsApp.

Additionally, promises of guaranteed or high returns are often a red flag. Investing in stock markets is inherently risky, and no real financial expert will claim a guaranteed percentage return, especially one of more than 500 percent. Before making any significant investments, especially with new platforms or advisors, consult a certified financial advisor or a trusted family member.