A Lower Parel resident has claimed that he was duped of more than ₹1.4 Crore in the now-familiar share trading app scam. The man claims that he was first added to a WhatsApp group and then contacted by a WhatsApp account holder, who claimed that she was a wealth manager.
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How the Share Trading App Scam Worked
The person managing the WhatsApp group then invited the victim to download an app, which he did, and that’s when the final play of the scam came into play. The FIR shows that the man has made more than 26 bank transactions, ranging from ₹10K to ₹28 Lakh, with the final transaction being for around ₹3 Lakh, which he thought he was paying as a fine for an incorrect transaction.
When the victim wanted to withdraw the money, he was first told that he would need to pay a particular commission on the total amount that he had earned and later told that he would need to pay a fine. When the man refused to pay a final ₹5 Lakh, his account on that app was shown as discontinued, and he figured out that he had been duped.
At this point, it is high time that individuals are wary and careful and educate themselves about the share trading scam and other scams that they can fall victim to. The Government and bank authorities have repeatedly raised awareness about the share trading app scam, which has become a menace for the common public and the authorities.
While it is the responsibility of the general public to be wary, the question of whether banks should be more vigilant about any suspicious transactions is always in play. In this case, the victim has made at least three foremost transactions, ranging from ₹17 Lakh to ₹28 Lakh in a single tranche.
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It is inherently difficult to find out who the actual masterminds behind the share trading apps are. The money is quickly transferred to several other bank accounts, and the account holders of those accounts are more or less digital mules for the actual criminals. These digital mules earn something around a few thousand rupees to have ‘rented’ out their accounts. Of course, when the dragnet falls, they are the first to be arrested.
How to Avoid Share Trading App Scams
Absolutely do not install any app that you aren’t sure about, or that has been suggested by a stranger. Never, ever make any transaction on such an app, or add your bank, debit, or credit card details. Be doubly sure whenever you are transacting on any financial app, especially a share trading app. Several genuine share trading apps let you withdraw your money in minutes and transact the amount in your bank the within 24 hours of a working day.
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