Had set out to earn money from the stock market, but lost Rs 5 crore in an app, don’t make this mistake even by mistake

New Delhi. Online stock investment scams are happening on a large scale in India. In the last few months, hundreds of people across the country have become victims of these scams and have suffered losses worth lakhs. In a recent case, a businessman in Jayanagar, Bengaluru was involved in a major cyber crime incident due to which he suffered a loss of Rs 5.2 crore. The age of the businessman is 52 years. He was new to the stock market. They were duped by unknown fraudsters into downloading a fake app and transferring money under the guise of high-return investment.

According to a TOI report, the victim’s ordeal allegedly began on March 11 when he received a WhatsApp message promising attractive returns in the stock market. The message included a link through which they were asked to download an app from ‘bys-app.com’. Initially, he ignored the message and did not click on the link provided, but later he was added to a WhatsApp group named ‘Y-5 Ever Core Financial Leader’, which had around 160 members. The victimized traders kept ignoring it.

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However, when no response was received from the victim. After this, the scammers started calling them continuously from unknown numbers and requesting them to download the app through the given link. Initially the victims were hesitant, but they accepted the truth. Once they downloaded the app, the fraudsters offered them various investment opportunities and multiple accounts to transfer money. He assured the victim that these funds were being invested in the stock market. However, all these accounts were controlled by fraudsters and the ‘investments’ were nothing more than a ploy to steal the victim’s money.

By April 2, convinced by the scammers’ false assurances, the victim transferred approximately Rs. But when they tried to withdraw their alleged profits or a part of the original investment for further trading, the scammers refused. Eventually, the victim realized that it was all just a scam. Later, he lodged an FIR and a case under the IT Act and currently the authorities are investigating the matter. In such a situation, one should always be careful and avoid downloading apps from unauthorized sources.

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