Something similar happened to a man from Hyderabad who was the victim of a
How the fraud took place
According to a report by the New Indian Express, the 40-year-old man was initially contacted through random calls, including messages on Telegram, where he was tricked into joining a group that allegedly offered lucrative trading opportunities. The scammers added him to social media groups where they showcased the alleged success stories of others who had invested and made significant profits.
Encouraged by these (fake) success stories, the victim initially invested a small amount. To his surprise, he quickly received a return on his initial investment, which convinced him even more of the legitimacy of the scheme. This early success was part of the scammers’ strategy to build trust and encourage the victim to invest larger amounts.
As the victim’s confidence grew, he decided to invest more money. He even went as far as taking out bank loans and borrowing money from friends to increase his trading capital. The scammers, posing as experienced traders, gave him tips and advice that seemed to lead to profitable trades.
However, over time, the victim began to notice irregularities. Although his trades were generating profits, the system automatically closed them, resulting in losses. When he questioned this, the scammers blamed the system’s automated processes and assured him that his losses could be offset by higher investments.
The situation reached a turning point when the victim was unable to withdraw money from the trading app. He became increasingly worried and asked a friend for a loan, explaining his predicament. It was this friend who first alerted him to the possibility that he was being scammed. Realizing the seriousness of the situation, the victim immediately filed a complaint online with the cybercrime police.
How to protect yourself from such scams
This incident is a clear example of the dangers of online investment schemes, especially those that promise quick and easy profits. Cybercriminals often use sophisticated tactics to gain the trust of their victims, only to then deceive them and extort significant amounts of money from them.
So, if you receive random calls or messages with investment offers, be careful. Scammers often use aggressive tactics to persuade you to make a quick investment.
If you decide to invest, do your research about the platform or group beforehand. Look for reviews and check if the platform is registered with the relevant financial authorities.
Also, be careful when sharing your financial or personal information with strangers, especially through unsecured communication channels.
Additionally, when considering a new investment opportunity, seek advice from trusted friends, family members or financial advisors. A second opinion can help you avoid making hasty decisions based on false promises.
