Fake profits are displayed in victims’ digital wallets, and when victims attempt to withdraw these profits, they are informed that withdrawals are only possible once they reach profits of around ₹50 lakh or more
A recent online scam, dubbed the “Online Trading Scam,” has been identified by cyber crime police, and a public advisory is issued to raise awareness about the fraudulent scheme. The scam, which has surfaced this year, targets individuals through advertisements promising free trading tips classes on social media platforms or WhatsApp.
Victims of the scam are lured in by clicking on these advertisements, leading them to unknown WhatsApp groups where fraudsters engage with them. Through these groups, the fraudsters convince victims to invest in stocks by offering free trading tips, promising substantial profits.
To further manipulate victims, fraudsters instruct them to install trading applications like INSECG, CHS-SES, SAAI, SEQUOIA, and GOOMI, none of which are registered under the Securities and Exchange Board of India (SEBI). Victims then register and begin trading stocks based on the recommendations provided by the fraudsters, depositing money into bank accounts specified by them.
Fake profits are displayed in victims’ digital wallets, and when victims attempt to withdraw these profits, they are informed that withdrawals are only possible once they reach profits of around ₹50 lakh or more. Believing this to be company policy, victims continue investing as instructed.
At a certain point, victims are asked to pay taxes on their profits. If they refuse, communication with the fraudsters is cut off, and victims are blocked, leading many to realise they have been cheated.
City Commissioner of Police, Sandeep Rai Rathore, has advised the public to remain vigilant against investment scams, urging them to avoid clicking on suspicious links, answering WhatsApp calls, or responding to messages from unknown numbers.
In the event of any cyber-related offences, the public is encouraged to lodge complaints through the National Cyber Crime Reporting Portal (www.cybercrime.gov.in) or contact the cyber crime helpline at 1930.
