Share Khan is one of the oldest share trading websites in India. It has been around in India for more than twenty-five years. It has more than 30 lakh clients to its name. Most everybody knows the name, the spelling and the logo. However, one teacher from Mumbai ended up losing INR 11 Lakh to an online share trading app scam that ran under the guise of a popular brand.
The scammers conned him under the guise of investing and trading through the Share Khan app. The problem? According to information in the FIR, the spelling of the app’s name was something entirely different. The scammers convinced the man of better monetary returns, and the victim deposited money.
Fake Share Khan App Modus Operandi
The modus operandi was simple, and by now, oft repeated. The scammers approached the man, he downloaded the app, and began transferring money to the app’s wallet. When he attempted to withdraw the money, he was only able to cancel it once. However, later on, it all crumbled. The man visited Share Khan’s registered address. There, he saw that none of the individuals he spoke to were associated with the company.
The information in the FIR makes it clear. Scammers are now attempting to deceive people by creating fake apps that resemble genuine ones. They are open to returning small amounts to increase a person’s confidence, until they go for the big kill.
Scammers are targeting victims by making them download fake apps. This shows the conmen know that people are cautious about sharing OTPs with strangers over the phone and via WhatsApp. In tech circles, it is common knowledge not to download an APK file, or a file not on the Google Play Store. The reason one doesn’t ever download an APK file is that there’s no guarantee that the APK file won’t infect the device with a virus or malware. This is in stark contrast to when a person downloads from the Google Appstore, which has the relevant security in place.
Once again, this scam serves as a reminder that individuals should exercise caution when conducting any online financial transaction. This is the genuine Share Khan website, for those interested. The authorities have now filed a case under the relevant sections, including Section 66 of the Indian IT Act, Section 318(4), 319(2), and Section 336(2) of the Bharatiya Nyay Sanhita. The Sections relate to cheating, cheating by impersonation, making a false document or electronic record.
The Vigilant Blog covers the crime beat and has a finger on the pulse of the latest crimes and scams. Follow us on Facebook and Twitter to get more news like this.
Covers the crime beat, spreading awareness about crimes, scams and everything dastardly.
Discover more from The Vigilant Blog
Subscribe to get the latest posts sent to your email.