Kolkata: At least four stock market enthusiasts — a couple of them women — have ended up losing more than Rs 20 lakh in a month. This has forced the divisional cybercrime cells of Kolkata Police to issue an advisory for anyone interested in share and stock trading online. The cops have warned of a new scam — Online Trading Scam (OTS) — which has already claimed multiple victims, each of them losing over Rs 3-5 lakh.A few important seizures of accounts have also been completed in this regard, said Lalbazar sources.
According to sources, the victims receive advertisements about classes for free trading tips on social media platforms like WhatsApp or Telegram. When they click on them, they are asked to provide basic details and added on to WhatsApp groups which also have similar victims from across India.
Fraudsters communicate with the victims via these groups and persuade them to invest by offering them free trading tips to buy and sell stocks. A fake trading site is then opened and linked to original stock market related websites run by govt agencies. “However, the returns offered are astronomical and the victim does not even realize that the investments they are making are controlled by the accused,” said an investigator.
After a few days or weeks, the victims are asked to install trading applications not registered under Sebi for further guidance in trading stocks.
“The victims then start trading based solely on the fraudsters’ recommendations. The amount to buy shares is deposited in bank accounts mentioned by the fraudsters. Fake profits are displayed in digital wallet. When the victims try to withdraw their ‘profit’, they are told to choose from two options — withdrawals will be allowed only if Rs 50 lakh or above is made in profits and a share given to them or they pay a handsome tax. The victims invest as per the instructions of the fraudsters and end up losing money,” said an officer.