Hyderabad: Stock market discussion groups and broadcast channels are mushrooming on WhatsApp and Telegram promising insider tips and quick returns, luring unsuspecting individuals into downloading fraudulent apps and investing in lucrative businesses. Many people have lost lakhs of rupees in these scams.
Recently, a victim from Hyderabad lost Rs7.89 lakhs after an online stock market discussion group members persuaded him to invest in multiple companies. The group members gained the victim’s trust by initially giving return on investment, and later lured the victim for their money.
These groups operate by first building trust among their members. They share seemingly genuine tips and advice, encouraging active participation and provide return on investments as well. Once a level of trust is established, the administrators introduce the fraudulent apps, claiming they offer exclusive insights and advanced trading options.
The apps usually appear professional and legitimate, with realistic interfaces and functioning features. However, they are designed to steal money from users. Victims typically find that their investments disappear, and attempts to withdraw funds are met with silence or excuses from the app's support team.
Authorities have urged people to exercise caution when joining such groups and downloading unfamiliar apps. “Do not give your money to anyone who meets you online. Immediately report to us if you lose any money”, said a Hyderabad cyber security police official.
