Mumbai, May 2: Online scams are again on the rise, and a shocking incident in Mumbai highlights how sophisticated these frauds have become. A 21-year-old accountant and partner in a private firm lost a staggering INR 3.63 crore in a fake online share trading scam that unfolded over just 15 days, from March 10 to 25. Lured in by the promise of high returns, the victim made 24 separate transactions, including INR 1.2 crore in a single day. An FIR was filed on April 24, and police have managed to freeze 10 bank accounts linked to the suspects.

According to the South Region Cyber Police Station at Grant Road, the scam began when a friend of the victim unknowingly referred him to a WhatsApp group offering stock market tips. There, he observed members boasting of their profits with screenshots and glowing reviews. After two days, he contacted the group admin, "Mira Acharya," who directed him to a suspicious trading app. Initially depositing INR 100, which showed up in a virtual account, the victim was convinced to invest more based on fake IPO promises. But when he attempted to withdraw funds, the scammers demanded even more money and eventually vanished.슬롯 머신 사이트 추천What is a Work-From-Home Scam? Know How to Spot and Avoid This Remote Job Fraud?

What Is an Online Share Trading Scam?

An online share trading scam is a form of investment fraud where scammers impersonate legitimate brokers or use fake platforms to trick victims into depositing money under the pretext of trading in stocks, IPOS, or mutual funds. Victims are shown false profits through manipulated dashboards or apps, creating the illusion of success.슬롯 머신 사이트 추천What Is WhatsApp Image Scam? How To Protect Yourself From Online Fraud That Made Jabalpur Man Lose INR 2 Lakh After Downloading Photo.

How To Identify a Share Trading Scam?

Share trading scams often appear convincing, but there are key warning signs to watch out for. Always be cautious of unverified platforms. It is a major red flag if a trading app or website is not registered with SEBI or recognised stock exchanges. Avoid taking investment advice from anonymous WhatsApp or Telegram groups, especially when they promise guaranteed high returns. Scammers typically lure victims with offers that seem too good to be true and pressure them to invest quickly. Another clear sign is when the platform allows easy deposits but makes withdrawals difficult or impossible. If you notice any of these signs, it is best to stop immediately and report the platform to cybercrime authorities.

How to Protect Yourself

To stay safe from share trading scams, always verify whether the broker or trading app is registered with SEBI before making any investment. Avoid sharing sensitive personal information on untrusted platforms like your PAN, Aadhaar, or bank details. Be cautious about clicking on random links, especially those shared in chat groups or from unknown sources. If you encounter any suspicious activity or feel something is not right, report it immediately to the Cyber Crime cell to prevent further damage.

(The above story first appeared on LatestLY on May 02, 2025 10:34 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).