Share Market Fraud: Senior Citizen From Noida Loses ₹52 Lakh, Here's How to Stay Safe, Check

Share Market Fraud: A senior citizen of 66 year old from Noida was fooled by fraudsters pretending as bank executives. The man lost ₹52 lakh as he was tempted by fake investment schemes as per police official.

How the Share Market Fraud Started with the Victim?

•    The victim is a senior citizen and resides at Sector 31 of Noida. He  was cheated on the grounds of investing in securities between 12th March and  11th April 2025 as per police official. A case was registered at the Cybercrime police station for this. Fraudsters were showing themselves as officials of a British multinational bank. 
•    The victim is a retired engineer as per police. During  his complaint to police, he told that he was added to a WhatsApp group of a British bank’s securities group with a logo on 12th March 2025. More than 100 people were there in the group  who were added and were told to invest in stocks.

What was the Outcome of This Share Market Fraud?

•    The fraudsters acted as bank officials and regulators of securities. Fraudsters added the man in one group, then shifts to other group and then another. Then, he got a link and was told to download an application for starting the trading. The app was also showing the logo of the British MNC bank as per cybercrime officer.
•    Fraudsters offered the victim profitable trades at a discount of 30% and then asked him to transfer the said amount. He was permitted to withdraw some amount in the first attempt, but when he tried again, the suspects banned him do withdraw mentioning a credit score that was displayed on the application.
•    The victim paid more than ₹52 lakh to the suspects in several transfers, and when he was asked to transfer another ₹5 lakh, he observed it fishy and reported to police on 16th April 2025.
•    On investigation, a case of cheating and cheating by personation of the Bharatiya Nyaya Sanhita and the IT Act was registered, and attempts are ongoing  to recover money.

How to Stay Safe from These Type Frauds?

Fraudsters often target individuals with promises of quick and high returns in a very short duration but  eventually they aim to defraud investors and causing them  financial losses. Following are some suggestions to stay safe:
•    Do proper research about the company or individual offering the investment, their track record, and legitimacy.
•    Be cautious of investment offering high returns, it often comes with higher risk.
•    Fraudsters often use high-pressure tactics to push you into making quick investment decisions. Do not take decision for investing immediately.
•    Be cautious of unsolicited investment offers received through emails, social media, or phone calls.
•    Be alert to common red flags, such as guaranteed returns, lack of transparency in investment strategies, or refusal to provide detailed information about the investment.
•    Check if the investment company and the individuals promoting investment schemes are properly regulated by relevant financial regulatory authorities.
•    If you come across a potential investment Fraud or fraudulent activity, report it to the appropriate regulatory or police authorities.
•    Seek advice from a regulated / registered financial advisor before making any investment decisions.

In this Share Market Fraud case, the victim was tempted by fraudsters to invest and trade securities for higher return. Fraudsters posed themselves as the employees of a bank and dumped more than ₹ 52 Lakh from the man. People should be cautious from these type fake claims.