It all started when a man named Sanjay Sharma contacted the complainant, Dr Bimal Krushna Panda, through an instant messaging app.
Sharma convinced him to invest in stocks and guided him to a particular online platform.
The complainant was then added to a special group where another person, identified as Mr Ted, was introduced as a local investment expert.
Investing in stocks can be a great way to grow your money, but it also comes with risks, especially when scammers are involved. A 52-year-old doctor learned this the hard way after losing Rs 1.8 crore to an online investment scam. Know how this scam unfolded and how you can avoid falling for such scams.
SurveyIt all started two months ago when a man named Sanjay Sharma contacted the complainant, Dr Bimal Krushna Panda, through an instant messaging app. Sharma convinced him to invest in stocks and guided him to a particular online platform.
The complainant was then added to a special group where another person, identified as Mr Ted, was introduced as a local investment expert. Following Ted’s advice, Panda transferred money from three of his bank accounts to multiple accounts provided by the scammers, reports TOI.
Also read: Businessman loses Rs 28 lakh in gold investment scam via Facebook: Here’s what happened
At first, everything seemed fine as he was even able to withdraw Rs 2,000 from the app. However, when he tried to withdraw a larger sum, the app blocked the transaction and asked him to deposit more money. That’s when Panda realised something was wrong. He attempted to contact the group’s admin but got no response.
Realising he had been scammed, he filed a complaint. So far, authorities have recovered Rs 50 lakh from the stolen amount.
Also read: Bengaluru man loses Rs 70,000 in traffic challan scam: Here’s what happened
How to avoid falling for such scams
- Verify the platform: Before investing, verify the platform. Scammers often use fake websites.
- Be wary of promises of high returns: If an investment sounds too good to be true, it probably is. Genuine stock investments don’t guarantee high returns in a short time.
- Avoid random investment groups: Never trust unknown people on messaging apps or social media who promise big profits.
- Report suspicious activity: If you suspect fraud, report it immediately to the cybercrime portal.
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Ayushi Jain
Tech news writer by day, BGMI player by night. Combining my passion for tech and gaming to bring you the latest in both worlds. View Full Profile
