Sikkim News Update

Online Stock Trading Scam: A Mumbai Woman Lost INR 1.92 Crore Over The Course Of Three Months; Here’s How To Avoid It

<p>According to an official on Wednesday, police have filed a complaint against nine individuals for allegedly defrauding a 40-year-old lady from the Navi Mumbai area in Maharashtra of Rs 1.92 crore via online share trading.</p>
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<p>The accused utilized the promise of large profits on her investments to get the victim, a resident of the New Panvel region, to trade shares online.</p>
<p>Senior Inspector Gajanan Kadam of the Cyber Police Station informed news agency PTI that she followed the accused’s instructions and deposited a total of Rs 1,92,82,837 into many bank accounts starting in December 2023. However, she was unable to take any more withdrawals.</p>
<p>She filed a police report when the accused failed to provide her with a proper answer.</p>
<p><strong>Filed Case</strong></p>
<p>According to the official, the police on Tuesday filed a complaint against nine individuals under the Information Technology Act’s provisions as well as Indian Penal Code sections 420 (cheating), 406 (criminal breach of trust), and 34 (common purpose).</p>
<p><strong>The following are important points to remember in order to protect yourself against online share trading scams:</strong></p>
<p><strong>Prior to making an investment:</strong></p>
<p><strong>Make an investigation:</strong> Select trustworthy and regulated websites for online trade. Check whether they are registered with the appropriate financial regulators, such as the RBI or SEBI.</p>
<p><strong>Be wary of unsolicited offers:</strong> con artists often entice victims with high-pressure sales techniques and promises of profits. Refrain from making investments based on unsolicited calls, emails, or messages on social media.</p>
<p><strong>Recognize the risks:</strong> No investment can be guaranteed to yield a profit, and the stock market is by its very nature dangerous. Be unaffected by promises of “get rich quick” scams.</p>
<p><strong>Become knowledgeable:</strong> Prior to investing, educate yourself on various trading methods, investment possibilities, and financial literacy. Consult trustworthy sources, such as official government websites or approved financial institutions.</p>
<p><strong>Never divulge your login information:</strong> Passwords, two-factor authentication codes, and usernames are all included in this. No respectable organization will request them by unsolicited correspondence.</p>
<p>Free investment advice should be avoided since reputable financial advisors charge for their services. Free counsel is often a ruse to trick you into falling for a con.</p>