Investment scams have become one of the most common forms of online fraud today. They often start with attractive promises of quick profits, guaranteed returns, or exclusive opportunities to invest in gold, real estate, crypto, or startup ventures.
These scams look professional, and they sound convincing. The harsh truth is that by the time you realize it’s a scam, your money is already gone.
Ask a 35-year-old IT employee from Hyderabad who was scammed of Rs 68.6 lakh in a stock market investment scam and he will tell you the real danger of such scams.
He was looking for ways to invest in the stock market. A man had called him, claiming to be a professor Sarvjeet Virk. This man sent him a link to download a trading app called ShoonaXHNI. The professor convinced him to transfer more than sixty eight lakh rupees. The money was sent to several different bank accounts to invest in an IPO.
Later, when he tried to get his money back, the people from the app said he had to pay another seventy lakh rupees as a fee. It was only then that he understood he had been scammed and that his money was gone.
Times of India | The Hindu
How It Works
It usually begins with a message or advertisement on social media, WhatsApp, or Telegram. The scammer claims to represent a reputed company or investment firm. They share fake certificates, glossy brochures, and even websites that look real.
To build trust, they show screenshots of people earning huge profits. Some even use fake testimonials or impersonate financial experts to sound legitimate. Once the victim starts showing interest, the fraudster encourages them to start with a small amount.
After the first investment, the victim is shown fake returns in their account or wallet. The website or app dashboard shows growing profits, sometimes even allowing small withdrawals to appear genuine.
This builds confidence, and the victim is encouraged to invest more. Soon, the scammers start pushing for bigger deposits, saying things like “you will lose your bonus” or “the offer ends today.”
Once a large sum is transferred, the fraudsters vanish. The website or app stops working, or the account suddenly gets blocked.
Beaware!
These scams work so effectively because people believe they are getting a once-in-a-lifetime investment offer. The scammers use fake logos of banks, RBI approvals, and registration numbers to appear authentic. Some even hold online meetings or video calls to make their operations look professional.
To stay safe, it’s important to remember that no real investment guarantees quick profits. Always verify any investment platform on SEBI’s official website or through government-registered sources.
Avoid sharing personal documents or transferring money to random accounts. Never trust links or schemes shared through WhatsApp groups or Telegram channels.
If an offer sounds too good to be true, it probably is. Before investing anywhere, take a moment to check the background, talk to your bank, or ask a financial advisor.
