HIGHLIGHTS

A man named Hari Singh persuaded the complainant to invest in the stock market, guaranteeing returns of three to five times within a month.

Claiming to have 15 years of experience, Hari established trust with the victim through a WhatsApp group.

Rani made an initial investment of Rs 50,000.

The experience of putting your hard-earned money into someone’s hands with the hope of receiving substantial returns can quickly turn into a nightmare. This unfortunate situation occurred to Meenu Rani, a resident of Greater Noida, who fell victim to a deceitful stock trading scheme that resulted in a loss of over Rs 51 lakh. What transpired is both cautionary and enlightening—read on to learn about the details of this scam and how you can protect yourself from such fraudulent activities.

Meenu Rani took a brave step by filing a complaint against an individual named Hari Singh, who had convinced her to put money into the stock market with the enticing promise of earning returns three to five times her investment in just a month. Hari, who had purportedly been involved in the trading sector for 15 years, built her trust through a WhatsApp group dedicated to investment discussions.

Rani became further convinced when a member of the group, Aarti Singh, informed her that Hari had been buying Amazon gift vouchers to aid women in the group. After Rani redeemed a voucher, which credited her account with Rs 1,000, she saw this as a testament to Hari’s credibility.

Feeling encouraged by this experience, Rani decided to make an initial investment of Rs 50,000. Following the recommendations from the scam, she downloaded an investment app suggested by the perpetrators. Initially, her investment along with projected profits seemed to show positive results. Thrilled by what appeared to be successful returns, Rani went on to borrow more money from her husband, mother-in-law, and relatives, eventually investing a staggering total of Rs 51.50 lakh.

However, the illusion of success shattered when Rani sought to borrow from a friend to further her investments. The friend alarmed her with the possibility that she might actually be a victim of a scam. When Rani attempted to withdraw her money, she discovered the scammers had vanished, cutting off all communication.

For more information on scams, also check out: Man loses Rs 1.7 lakh to traffic challan scam, recovers some of his money by acting quickly.

How to Safeguard Yourself Against Fraudulent Schemes

• Verify Credentials: Always investigate and double-check the background of individuals offering investment opportunities.
• Skeptical of Unrealistic Promises: Exercise caution if you come across investment opportunities that seem too good to be true.
• Use Trusted Platforms: Ensure that you only utilize reliable and well-reviewed stock trading applications.
• Steer Clear of Unknown Groups: Be wary of joining unverified social media or WhatsApp groups offering investment advice.
• Consult Financial Experts: Before making any significant investments, seek advice from licensed financial advisors.