An 18-year-old college student recently fall victim to a stock market scam.
While scrolling through Instagram, he came across an advertisement about stock market investment.
When he clicked on the ad, he was automatically added to a WhatsApp group.
An 18-year-old college student recently fell victim to a stock market scam. The fraudsters tricked him into investing a large sum, leaving him with a huge financial loss. Keep reading to know how the scam unfolded and how you can avoid falling for such scams.
SurveyThe student’s father had transferred about Rs 18 lakh into his bank account to cover his college entrance exam fees and other educational expenses. However, while scrolling through Instagram, he came across an advertisement about stock market investment. When he clicked on the ad, he was automatically added to a WhatsApp group where scammers posed as so-called investment experts.
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The scammers convinced him to invest money. The victim transferred money into the bank accounts shared by fraudsters, reports TOI.
To gain his trust, they even showed him fake screenshots that displayed that the stock prices were increasing.
Between January 10 and January 28, he invested Rs 16.08 lakh. But when he tried to withdraw his money along with the promised profits, the scammers refused. Instead, they pressured him to invest more.
Feeling trapped, the student finally told his family about the scam.
Also read: Lost over Rs 1 cr! Noida family becomes latest victim of digital scam, here’s what happened
How to avoid falling for such scams
- Be cautious of investment ads: Scammers often use social media ads to lure victims. Always verify sources before clicking.
- Never trust WhatsApp investment groups: Legitimate investments do not operate through random online groups.
- Verify stock investment platforms: Use only registered stock market platforms.
- Avoid making hasty investments: If an opportunity seems too good to be true, it probably is.
- Consult a financial expert: Seek advice from trusted professionals before making any investments.
Also read: Woman loses Rs 1.16 lakh after fake crime branch call: Here’s how the scam unfolded
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Ayushi Jain
Ayushi works as Chief Copy Editor at Digit, covering everything from breaking tech news to in-depth smartphone reviews. Prior to Digit, she was part of the editorial team at IANS. View Full Profile
