HIGHLIGHTS

A software engineer loses Rs 33.75 lakh in a share trading scam.

The scam began when the victim joined a messaging group focused on stock trading discussion.

The group admin impersonated a stockbroker affiliated with a reputed share broking firm.

Investing in the stock market is often seen as a lucrative way to build wealth; yet, it can expose individuals to considerable risks, particularly when engaging with unfamiliar online platforms. Recently, a 40-year-old software engineer experienced the unfortunate consequences of a share trading scam, suffering a staggering loss of Rs 33.75 lakh. This article delves into the details of how the scam unfolded and provides guidance on how to avoid becoming a victim in the future.

The predicament initiated when the victim was added to a messaging group where participants actively discussed stock trading and shared insights about potential profits. Within this group, the admin posed as a stockbroker, claiming to have connections with a well-known share broking company. Caught up in the excitement and believing in the admin’s credibility, the tech-savvy individual made the decision to invest in the stocks discussed.

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The fraudster further manipulated the situation by sharing a link to a seemingly legitimate online trading platform, which the victim downloaded and began using. Initially, the software engineer experienced modest profits, which only fueled his enthusiasm for further investment. When he sought additional advice from the group admin, the scammer tantalizingly promised substantial returns through investments in Initial Public Offerings (IPOs) and high-value stocks.