FPJ Cyber Secure: Bhayandar Teacher Loses ₹43 Lakh To Fake Online Stock Trading Tutorial

Cyber criminals are using social media platforms to scam potential investors seeking to make an entry into stock trading. A 47-year-old teacher from Bhayandar learnt it the hard way after she became the latest target of cyber fraudsters who cheated her to the tune of more than ₹43 lakh under the guise of offering guidance about stock trading products and accurate market data. 

In her complaint to the police the teacher stated that while browsing the internet she saw a video on the platform of a reputed social networking site posted by an advertiser labelling itself as a guide to invest in the stock market. The woman clicked on the join now option of the video and was added to a WhatsApp group having 83 members including 5 admins. After some guidance on the nitty-gritty of stock trading she was added to another limited member VIP consultation group. Here, the admin directed her to download an application and provided details of multiple bank accounts for her to deposit money and start trading in the stock market.

The complainant who was given specific codes to buy stocks ended up transferring a total of ₹43.46 lakh within 35 days between 9, November to 13 December. However, she was unable to withdraw money from the seemingly  fake application. When she demanded her money back, the fraudsters asked to transfer another ₹30 lakh towards taxes for conducting the withdrawal transactions. Realising she was duped; the woman registered a complaint at the Bhayandar police station. An offence under section 420 of the IPC and relevant sections of the Information Technology Act was registered against 15 yet-to-be identified scamsters including the account holders on Friday. Further investigations were underway.