Udupi man loses Rs 14 lakh in fake trading group
A recent case highlights the risks of online investment scams, where a man from Udupi fell victim to fraudsters. According to reports, the man was added to a WhatsApp group called “C22 Investment Alliance Trading,” where he received fake stock market tips promising high returns. Initially convinced of the group’s legitimacy, he soon lost Rs 14 lakh to the scammers after transferring funds into an app called "Causeway," only to be locked out and unable to access his money.
Hyderabad senior duped of Rs 50 lakh in scam
Similarly, a 63-year-old man in Hyderabad was lured by a “Stock Discussion Group” on WhatsApp, where an alleged financial advisor offered stock tips and promised enormous returns of up to 500 per cent. Enticed by initial profits, he invested further into the "Skyrim Capital" app. However, when he attempted to withdraw, he discovered his account was deactivated, leaving him with significant financial losses.
How does the scam work?
Scammers typically add unsuspecting individuals to WhatsApp or Telegram groups under the guise of “investment opportunities.” Here, they promote bogus apps that they claim will yield high returns, specifically designed to look legitimate. The victims invest money into these apps but are later locked out, losing all funds.
Why older adults are at greater risk
While people across age groups are targeted, seniors unfamiliar with newer technology are particularly vulnerable. Scammers take advantage of their limited digital knowledge, luring them into fake groups with promises of financial growth.
How to protect yourself from investment scams
- Beware of guaranteed returns: Legitimate investments never guarantee returns, especially those as high as 500 per cent. Consider any such promises as a major red flag.
- Use only trusted apps: Stick to verified apps on official stores like Google Play or Apple’s App Store and avoid installing unknown APK files.
- Consult financial experts: For real investment advice, approach certified advisors or consult trusted family members.
- Avoid social media groups for financial advice: Messaging apps are not reliable sources for serious financial advice. If added to investment groups without consent, leave and report them.
- Educate older family members: Since seniors are often prime targets, inform them of the risks and advise them to avoid investment-related social media groups.
Staying vigilant online and questioning any too-good-to-be-true offers can prevent financial losses from these evolving scams.
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