Businessman loses Rs 28 lakh in gold investment scam via Facebook: Here’s what happened

In today’s world, social media has become a go-to place for connecting with people, but it’s also a platform where scams are increasingly taking place. A recent case highlights just how easy it can be for unsuspecting individuals to fall victim to such fraudulent activities. Ashok Vaghasia, a 51-year-old businessman, found himself caught in a gold investment scam that cost him nearly Rs 28 lakh. Keep reading to know how the scam unfolded.

It all started when Vaghasia received a friend request on Facebook from someone named Manisha Sen, who claimed to provide gold market investment guidance and mentioned her American-based uncle as her market advisor.

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The promise of substantial returns made Vaghasia curious, and he decided to engage further. Sen shared an application link with Vaghasia via WhatsApp, urging him to create an account and start investing. 

Encouraged by an initial interest of Rs 6,360 after he invested Rs 40,000, Vaghasia continued to trust her. Following Sen’s advice, Vaghasia transferred Rs 28.44 lakh to different bank accounts but received just Rs 56,360 in return. When Vaghasia attempted to withdraw Rs 50 lakh from his account that showed Rs 50.4 lakh, he was unable to do so, reports TOI.

The fraudsters then began demanding additional payments for taxes and charges before he could make a withdrawal. Realising something was wrong when no money came through, Vaghasia understood he had been scammed. 

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How to avoid falling for such scams

• Be cautious with unsolicited friend requests: If you receive a friend request from someone you don’t know, especially if they claim to have an investment opportunity, it’s best to stay cautious.
• Do thorough research: Before making any investment, research the platform or person offering advice. Avoid investing money based on a promise of guaranteed returns.
• Never share sensitive information: Don’t share your banking details or transfer money without verifying the authenticity of the investment opportunity.
• Report suspicious activity: If something seems off, don’t hesitate to report it to the authorities.