HIGHLIGHTS

A 41-year-old woman, employed as a manager in a software firm, fell prey to an online share trading scam, resulting in a loss of Rs 33.4 lakh.

The scam began when the woman was searching for stock market investment options on social media platforms.

She discovered a Kerala-based company that was promoting extraordinarily high returns on investments.

Online scams are alarmingly prevalent today, targeting individuals from all walks of life, irrespective of their educational background or professional expertise. A harrowing incident from Pune serves as a stark example of how even well-educated professionals can easily be lured into fraudulent schemes that promise fast and substantial returns. In this particular case, a 41-year-old woman, who works as a manager at a software company, suffered a staggering loss of Rs 33.4 lakh in an online share trading con.

The catalyst for this unfortunate event was the woman’s curiosity about investment opportunities in the stock market, which led her to explore various options on social media. During her search, she encountered a company based in Kerala that was making bold claims about offering exceptionally high returns on investments. Shortly after, she was contacted by someone who posed as an executive of the company, who suggested several enticing investment options in Initial Public Offerings (IPOs) and various shares. To further establish their legitimacy, the fraudsters even directed her to a link where she could download an application purportedly designed for investment purposes.

For additional insights, take a look at this related story: Surat businessman loses Rs 5 lakh in currency exchange scam: How to protect yourself.

Initially cautious, the woman decided to invest a modest sum of money. To her surprise, the scammers returned a fraction of her initial investment, leading her to trust their operations further. This apparent success prompted her to continue transferring additional amounts, ultimately totaling Rs 33.4 lakh, distributed across several bank accounts controlled by the fraudsters. However, a troubling turn of events occurred when she attempted to withdraw her funds; not only was she unable to retrieve her money, but the scammers also began to pressure her into investing even more cash.

For further reading, check out another alarming incident: Mumbai woman loses Rs 1.5cr to fraudsters posing as government officials: Here’s what happened.

How to Avoid Such Scams

• Verify Sources: Always conduct comprehensive research before making any investment. Look for verified reviews and ensure the company has the appropriate licenses.
• Avoid Unsolicited Offers: Be vigilant regarding investment solicitations received via social media or from unfamiliar contacts.
• Use Trusted Platforms: Only invest through reputable and well-established trading platforms that have a good reputation.
• Don’t Share Sensitive Information: Be wary of sharing personal or financial details over calls or apps that lack validation.
• Be Skeptical of High Returns: If an investment opportunity appears too good to be true, it likely is.