FINANCEOUTLOOKINDIAOCTOBER, 20248A HEIGHTENED STOCK MARKET FRAUDS IN INDIA: UNRAVELING THREE RECENT CASESBy Finance Outlook India TeamREPORTFor a very long time, the public's preferred investing option has been the stock market. Many investors have become wealthy as a result of it, receiving high returns on their investments. Nevertheless, there have been instances in which scammers have deceived investors and the market, resulting in irrevocable and irreplaceable harm. This article will provide you with an overview of three recent frauds in the stock market:A Delhi Women Loses Rs 24 lakh to Bogus Investment Adverts on Social MediaFake adverts tricking people into making investments sponsored by well-known entrepreneurs or financial institutions are becoming a major issue on social media. A 36-year-old lady from Delhi recently fell victim to one of these scams while surfing Facebook.While on Facebook, she came across a link offering stock market investments through Upstox Securities, a popular trading app in India. Curious, she clicked on the link and was joined to a WhatsApp group called "V5-VIP Upstox Services Group." According to the FIR she later filed, the gang provided stock trading suggestions before leading her to a bogus application.The group administrator, Rajat Upstox VIP, invited members to participate in an event known as GTC, which promised high profits. To activate her account, she followed the instructions and joined a mobile app using a given link, then presented her Aadhaar and PAN cards. Between July 4 and July 17, 2024, she transferred Rs 24,35,000 to ten separate accounts for shares and IPOs. The program showed her investments increasing, persuading her to purchase additional stocks. However, when she tried to sell her shares, they refused and insisted on a loan instead.Nidhi Sagar, a North Pitampura resident, is one of an increasing number of people who have been misled by such scams and are trying to retrieve their hard-earned money.Whatsapp Stock Market Fraud Cybercriminals tricked two residents of Noida out of over Rs 1.40 crore by promising them enormous profits on stock market transactions. The victims, according to Additional Deputy Commissioner of Police (Cyber Crime) Preeti Yadav, include a male and a woman who have each submitted separate complaints.Trishala, a resident of Sector 75's Golf Avenue Society, filed a report at the Cybercrime Police Station on Sept 8th Sunday night, according to Yadav.
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