WhatsApp-Telegram Investment Scam: The I4C of the Home Ministry has issued a big warning regarding the increasing cyber fraud in the name of investment on WhatsApp and Telegram.
Nowadays, claims of earning huge profits in just a few minutes are spreading rapidly on social media and messaging apps. But if you see some unknown person on WhatsApp or Telegram claiming “Guaranteed Returns” or “VIP Stock Tips” in the stock market, then be careful. The Indian Cyber Crime Coordination Center (I4C), working under the Ministry of Home Affairs, has alerted people about such online investment scams.
People are being targeted by creating fake investment groups
According to I4C, cyber fraudsters create fake investment groups on WhatsApp and Telegram and pretend to be stock market experts or representatives of reputed financial companies. After this, they trap people by luring them with more and assured profits in less time.
Scams ask investors to download trading apps through private links instead of the official app store. Such apps can not only grab your money but can also steal sensitive mobile data.
First they show fake profits, then ask for more money
According to cyber experts, in this type of fraud, initially fake profits are shown in the investors’ accounts so that their trust can be won. But as soon as the investor tries to withdraw his money, he is asked to deposit more money in the name of tax, processing fee, account verification or other charges.
The Home Ministry has clarified that no genuine stock broker or financial institution asks customers to deposit additional money for withdrawing their deposits. That’s why claims like “Guaranteed Returns” and “Exclusive Stock Tips” should always be considered a red flag.
An incident like cheating of crores of rupees happened with a retired scientist of Mumbai.
I4C has also shared the case of a retired scientist from Mumbai to raise awareness. He was added to an unknown WhatsApp group, where people claiming to be investment experts made him download a fake trading app. They were made to invest huge amounts of money by continuously showing fake profits in the app. But when he tried to withdraw the money, his account was blocked and the entire amount was stuck.
The Home Ministry has appealed to citizens not to trust investment advice given in any unknown WhatsApp or Telegram group. Download any trading app only from the official App Store or Play Store and independently check the credibility of the respective broker or platform before investing.
If you get cyber fraud or get information about any suspicious activity, immediately call 1930 or file a complaint on the National Cyber Crime Reporting Portal. Making a timely complaint can increase the chances of getting the money back and reaching the accused.