In the latest Mumbai crime, a man from Mumbai was duped online by people who claimed to be working with Share Khan, the popular finance app. According to the FIR, the scamster contacted a man online, claiming to be working for Share Khan. The typical online share trading scam unfolded over several days.
The conman told the victim that he could do share trading and earn money and gave him a fake link. The victim downloaded the app and started transferring money into it, transferring more than INR 55 Lakh in different transactions.
The scam started in the classic manner, with just one change in the script. This time, the scamster claimed that the victim would be able to buy and sell shares only if they subscribed to the company’s IPO. Convinced, the victim carried out various transactions, ranging from INR 2,00,000 to INR 8,00,000, which finally totalled up to INR 50 Lakh.
It is interesting to see that the conmen have taken refuge under a well-known name to pull off the scam. In this case, if the victim had just checked whether the URL provided was genuine, there was every chance that the victim could have smelled a rat.
Once again, in this case, the role of the banks comes into question. The transactions carried out were always more than INR 5 Lakh, and they took place via three to four different banks. It is disappointing that none of these bank officials raised a flag, even when INR 20 Lakh were being transferred from one private account to another in one simple move.
Here are some tips to steer clear of an online share trading scam:
- Check whether the link is genuine. Almost every major share trading company has a URL ending with .com, .in, etc.
- Do not download any app that is not on the Play Store.
- Never transfer money to a personal account.
- Always speak to someone else before transferring significant amounts of money online.
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