Baptist Maurice Lobo, the complainant, was added to a WhatsApp group called Aarayaa hss by unknown individuals.
In this group, they shared lucrative details about making large profits by investing in the stock market.
Intrigued by these promises, the complainant was encouraged to invest his money.
Scam
Imagine being promised high returns on your investments only to end up losing your hard-earned money. Unfortunately, this is what happened to a man who became a victim of an online stock market scam, losing Rs 23.4 lakh.
Baptist Maurice Lobo, the complainant, alleged that unknown individuals added him to a WhatsApp group called Aarayaa hss. In this group, they shared lucrative details about making large profits by investing in the stock market. Intrigued by these promises, he was encouraged to invest his money.
Also read: How a WhatsApp trading scam cost a Kerala man Rs 71 lakh
Between December 2, 2024, and January 6, 2025, Baptist transferred a total of Rs 21.4 lakh from his and his mother’s bank accounts to various bank accounts provided by the scammers.
Despite making the payments as instructed, Baptist claims he never received any of the promised profits or even his initial investment back. Realising he had been deceived, he lodged a formal complaint with the CEN crime police station.
Also read: Bengaluru techie loses Rs 11cr in fake money laundering case: Here’s what happened
How to avoid such scams
- Verify investment opportunities: Research the company or platform offering the investment. Legitimate organisations will have a proven track record and verifiable credentials.
- Avoid pressure tactics: Scammers often create urgency to push you into making hasty decisions. Take your time to evaluate before committing.
- Beware of unsolicited groups: Be cautious of being added to random WhatsApp or social media groups promoting get-rich-quick schemes.
- Cross-check payment requests: Avoid transferring money to personal or unknown bank accounts. Trustworthy investment platforms have official payment channels.
- Seek expert advice: Consult a certified financial advisor before making any significant investment decisions.
- Be skeptical of guarantees: No legitimate investment can guarantee high returns without risk.
Also read: Delhi man loses Rs 9 lakh to fraudsters posing as electricity department officials
