Retired Financial Professional got Scammed; Losses Rs.2 Crore in Stock Market Fraud
A retired financial professional from Mumbai got scammed by fraudsters who pretended as an investment advisor. The victim wants to stay anonymous after losing a huge amount of Rs.2 crore in the stock market.
The scammers acted to be a well-known investment firm and kept contacting the victim through phone calls and emails. They convinced the victim by showing him fake documents and a legit-looking website with the promise of high returns on stock market investments. These tactics of scammers lure the victim into fake promises.
In the beginning, the victim invested a small amount in which he got good returns, this made him believe in the scammers. He then started to invest more amount but didn’t get any returns. He tried to reach the advisors but they were unreachable. Finally, when he tried to withdraw his money, the website vanished and the contact numbers were disconnected.
After the realisation of being scammed, the victim quickly reported this to the police. Even though the Mumbai Police is investigating the case, it seems hard that the money will be recovered. The tactics of scammers to fool even an experienced investor raised concerns regarding the safety of stock market investments.
It is advised to the people and the authorities to be very careful about the offered investment opportunities, mainly those who promise to give very high returns. Investors are strongly advised to check the credentials of investment advisors and firms with the Security and Exchange Board of India (SEBI). They should also check the complaints and reviews online.
Even after years of knowledge and experience anyone can easily get scammed and this incident is one of the examples of it. The police aim to catch the scammers and prevent the fraud from happening in future.
