Trading Fraud on Instagram Costs Pune Woman Rs 3 Crore

Have you ever seen an ad on Instagram promising incredible returns on stock investments? Be very careful! These could be trading fraud designed to steal your hard-earned money. This is exactly what happened to a woman in Pune who lost a staggering Rs 3 crore to a trading fraud after being lured in by a seemingly harmless Instagram ad.

Here’s how the Trading Fraud Unfolded:

• The victim saw an ad on Instagram boasting high profits from online share trading.
• Intrigued, she clicked on the ad and was added to a WhatsApp group filled with messages about people making huge profits.
• After observing the group for two months, she was offered a “seed fund” of Rs 10,000 to start investing. This small amount of money was likely used to build trust.
• She was then directed to download a fake mobile application for trading.

The Trap Closes:

• The fraudulent app displayed fake profits, making it seem like her investments were growing rapidly.
• Enticed by the fake growth, the victim kept investing larger sums of money, totaling a staggering Rs 3.04 crore across 30 transactions!
• When she finally tried to withdraw her money, she was hit with another hurdle – the scammers demanded fees and “charity” payments based on the fake profits.

Red Flags of Trading Fraud:

This story highlights the dangers of trading fraud on social media platforms like Instagram. Here are some red flags to watch out for:

• Guaranteed High Returns: If an ad promises unrealistic profits in the stock market, it’s probably a scam.
• Free Seed Money: Be wary of “free” money to start investing.
• Suspicious Apps: Never download trading apps from unverified sources.
• Pressure to Invest Quickly: Scammers often try to create a sense of urgency to rush you into decisions.

Protect Yourself from Trading Fraud:

• Do your research: Before investing, research the platform and any brokers involved.
• Never invest based on social media ads: Legitimate investment firms won’t solicit you through social media.
• If it sounds too good to be true, it probably is: Don’t fall for promises of easy money.
• Report suspicious activity: If you encounter a potential trading scam on Instagram, report it to the platform immediately.

By staying vigilant and informed, you can protect yourself from becoming the next victim of trading fraud. Remember, investing should always be done cautiously and with a well-researched plan, not based on flashy ads and fake profits.

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