About Scam
The "Get Rich by Trading Stocks" scam is a fraudulent scheme where scammers lure victims with promises of high returns from stock trading. These scams often involve fake websites, social media ads, and unverified trading platforms that claim to offer lucrative returns with minimal effort. Victims are directed to these platforms, where they are initially shown high returns on small investments to build trust. However, when they try to withdraw their funds, they find that their money has vanished, and the scammers are unreachable.
- A Recent incident
In a recent incident, a 32-year-old woman from Delhi was scammed out of ₹23.5 lakh by a fraudster named Mohammad Daud. The scam began when she came across a website on social media that promised high returns from stock market trading. Initially, she invested ₹1,000 and received a return of ₹1,300, which built her trust. Encouraged by this small success, she invested a larger amount. However, after transferring more money, Daud stopped responding to her calls. The police investigation revealed that the money was deposited into 11 different bank accounts. The Delhi police managed to recover ₹8.55 lakh from Daud's bank account and are continuing their investigation
Ref: Woman loses Rs 23 lakh in online stock market scam: How to protect yourself | Personal Finance - Business Standard
News Clippings with sources
Incident 1
Ref: Woman loses Rs 23 lakh in online stock market scam: How to protect yourself | Personal Finance - Business Standard
Incident 2
Ref: Pig-butchering stock market get rich quick scam: Telegram, Instagram, WhatsApp used to steal lakhs from investors; tactics used, how to stay safe - The Economic Times
Incident 3
Ref: Share trading cyber scam: Dreaming of becoming rich, three in Mumbai lose Rs 2.37 crore | Mumbai News - The Indian Express