Telangana victims lost Rs. 3.9 crores, while there were 627 trade fraud instances recorded in 2023 and 213 cases reported in 2024, totaling a loss of Rs. 27.4 crores.
 
According to telangana State Cyber Security Bureau officials, the emergence of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital trading platforms has coincided with a rise in fraudulent activities aimed at investors. These activities primarily involve the deceptive promise of securing pre-allotment in upcoming Initial Public Offerings (IPOs) through institutional investment in the stock market.
 
These deals prey on people's need for quick and substantial financial gain. These fraudulent offers are often sent to victims using messaging services such as whatsapp, Telegram, Instagram, and platform X.


Fraudsters take advantage of gullible investors by promising them alluring profits on initial public offerings (IPOs) that are allegedly enabled through institutional channels like Foreign Portfolio Investors (FPIs). TSCSB director Shikha Goel highlights this. Usually, they use messaging apps to start communication, luring victims in with the prospect of rich chances.
 
The victim is then asked to download fraudulent trading programs after expressing interest. These programs are intended to give users' financial and personal information to criminals. 


The victims are then tricked into sending money to specified bank accounts that the scammers have. Because of the way the applications are made, users are tricked into downloading more money by false investment portfolios and dashboards that appear real.
 
Nevertheless, the con artists refuse the victims' pleas to withdraw their purported gains, causing them to suffer large financial losses.
 
In one instance, a businessman from kukatpally lost a staggering Rs. 5.98 crores as a result of investing in an unapproved app named "GSIN" and joined the whatsapp group "Goldman Sachs business School." The prospect of large earnings enticed him, but he ultimately lost a fortune.


In a different instance, a businessman from New bowenpally lost Rs. 67.50 lakhs after investing in an unauthorized program named "Goomi.apk" and joining the whatsapp group "82 Strong Stocks Academy." Pre-allotment of the "Mobikwik" IPO was promised to him.
 

Precautions to be Taken

• Investors are strongly encouraged to heed the cautionary measures and guidelines issued by regulatory bodies such as the Securities and Exchange Board of india (SEBI), as well as advice from respectable stock exchanges and licensed stockbrokers, to reduce the likelihood of falling victim to initial public offering (IPO) trading scams.

• Stock markets are essential to ensuring transparent and equitable trade. Investors should only transact through reliable, regulated stock exchanges to lower the risk of fraud.

• To safeguard their interests, investors should choose reputable, licensed stockbrokers who are registered with SEBI. It is advisable to verify a broker's credentials and track record before doing business with them.


• You risk losing money if you trade stocks without first creating a Demat account with reputable brokers on the NSE and BSE. Additionally, trading without a Demat account using unapproved applications carries a risk. Therefore, to trade securely and prevent losses, make sure you have the appropriate accounts and utilise reputable platforms.

• Should a citizen become a victim of one of these crimes, they should report it right away to cybercrime.gov.in, the 1930 contact centre, and/or the local police station that is closest to them. In addition to helping the police find and block these applications and apprehend these criminal elements, prompt reporting enhances the likelihood that lost money will be recovered.
 
 
 
 


 

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