- Seasoned investors, including a former government employee, lose millions in an online stock market scam.
- Fraudsters use fake social media accounts, bots, and a fabricated trading app to lure investors with promises of unrealistic profits.
Two seasoned stock market investors, including a 70-year-old former central government employee and a 43 year old private company accountant, have lost a combined Rs 4.85 crore in a sophisticated online fraud scheme. The victims were lured into WhatsApp and Telegram groups where members, controlled by fraudsters, claimed to be earning massive profits through a dubious trading app.
Investigators reveal that these groups were designed to deceive, using bots and fraudulent accounts to post fabricated success stories. This tactic, combined with the promise of high returns, exploited the victims’ desire for increased profits.
Police discovered that the app, “Tiger Globel,” was a fraudulent imitation of legitimate trading platforms. The criminals behind the scheme manipulated the app to show false profits, further convincing the victims to invest large sums of money.
Authorities warn that investors seeking investment tips on social media are particularly vulnerable to these types of scams. Thorough research and verification of any investment opportunity are crucial to avoiding financial ruin.
