A Mumbai man has fallen victim to an investment scam after joining a WhatsApp group that promised expert advice on investment strategies. The victim lost a huge sum of Rs 90 lakh to the scammers who operated the group.
Here’s what happened
According to a report by The Indian Express, the victim joined the WhatsApp group. The group claimed to be led by “foreign experts” who offered members investment tips and strategies promising substantial profits in a short period.The victim, impressed by the group’s name and information, believed it was a legitimate opportunity and joined the group.
As the victim became more involved in the group, the scammers persuaded him to open an “Institutional Trading Account” using a mobile app available on the Play Store. After downloading the app, the victim was instructed to deposit Rs 90 lakh into a broker company’s bank account to start trading. Initially, he saw a virtual profit of Rs 15.69 crore in his account.
When the victim tried to withdraw his funds, the scammers blocked him and demanded a 10% “Profit Sharing” fee of Rs 1.45 crore. At this point, the victim realised he had fallen victim to a scam and had lost Rs 90 lakh.
How to stay safe from WhatsApp investment scam
1. Be wary of unsolicited messages: If you receive a message from an unknown sender offering investment opportunities, be cautious. Legitimate investment firms typically don’t approach potential clients through unsolicited messages.
2. Verify the sender’s identity: Before engaging in any conversation or investment, verify the sender’s identity. Look for blue checkmarks indicating verified accounts.
3. Research investment opportunities: Never invest in something you don’t fully understand. Do your research and consult with a financial advisor before making any investment decisions.
4. Avoid high-pressure tactics: Scammers often use high-pressure tactics to persuade victims to invest quickly. If you feel pressured to make a decision, it’s a red flag.
5. Be cautious of guaranteed returns: Investments always involve risk. If someone promises guaranteed returns with no risk, it’s likely a scam.
6. Don’t share personal information: Never share your personal or financial information with anyone you don’t know and trust.
7. Report suspicious activity: If you believe you’ve been targeted by a scam, report it to WhatsApp and the appropriate authorities.
Here’s what happened
According to a report by The Indian Express, the victim joined the WhatsApp group. The group claimed to be led by “foreign experts” who offered members investment tips and strategies promising substantial profits in a short period.The victim, impressed by the group’s name and information, believed it was a legitimate opportunity and joined the group.
As the victim became more involved in the group, the scammers persuaded him to open an “Institutional Trading Account” using a mobile app available on the Play Store. After downloading the app, the victim was instructed to deposit Rs 90 lakh into a broker company’s bank account to start trading. Initially, he saw a virtual profit of Rs 15.69 crore in his account.
When the victim tried to withdraw his funds, the scammers blocked him and demanded a 10% “Profit Sharing” fee of Rs 1.45 crore. At this point, the victim realised he had fallen victim to a scam and had lost Rs 90 lakh.
How to stay safe from WhatsApp investment scam
1. Be wary of unsolicited messages: If you receive a message from an unknown sender offering investment opportunities, be cautious. Legitimate investment firms typically don’t approach potential clients through unsolicited messages.
2. Verify the sender’s identity: Before engaging in any conversation or investment, verify the sender’s identity. Look for blue checkmarks indicating verified accounts.
3. Research investment opportunities: Never invest in something you don’t fully understand. Do your research and consult with a financial advisor before making any investment decisions.
4. Avoid high-pressure tactics: Scammers often use high-pressure tactics to persuade victims to invest quickly. If you feel pressured to make a decision, it’s a red flag.
5. Be cautious of guaranteed returns: Investments always involve risk. If someone promises guaranteed returns with no risk, it’s likely a scam.
6. Don’t share personal information: Never share your personal or financial information with anyone you don’t know and trust.
7. Report suspicious activity: If you believe you’ve been targeted by a scam, report it to WhatsApp and the appropriate authorities.
