When a 32-year-old woman joined a Telegram channel in January this year, she found the content impressive. The group members frequently shared information about their ‘daily returns’. There was a ‘guru’ who provided stock tips, as well as study material and booklets for understanding the stock market. This motivated the woman to start investing, or so she thought, reported Siddhivi Singh of Times of India. Starting with a small sum of a few hundred rupees, her ‘portfolio’ quickly grew to six figures and displayed healthy returns on the dashboard; her deposits reached about Rs 25 lakh when her ‘investments’ suddenly plummeted, stated the ToI news report. The woman was abandoned by her ‘advisors’ and left in a difficult situation. In March, she eventually sought help from the authorities.
The 32-year-old was not alone; at least 200 other unsuspecting members were in the group. Most were looking to invest but unfortunately became victims of the latest scams that have hit the city. These scams are being carried out through Telegram, Instagram, and WhatsApp, stated ToI. The scammers draw in potential targets with promises of returns, lift their hopes, and empty their accounts. Over the past year, Delhi Police have arrested over 100 scammers, employing tactics to lure victims. Despite this, efforts to address these cases continue to rise.
These well-organized scams involve fake websites, questionable groups, and a fraudulent stock investment app. The scammers appear to have significant technical resources, enabling them to create and maintain spoofed websites and apps. Additionally, they seem to have groups of individuals sending large volumes of messages to contact lists acquired from the dark web.
“The crooks, with the help of marketing tools, track people interested in the stock market and contact them, posing as representatives of reputed firms. First, they offer free stock recommendations and advice on how to venture into the market for quick and high returns,” a senior cop from the cyber cell told ToI.
Various strategies include providing complimentary training, promoting a seemingly flawless trading system, pressuring novice investors to commit larger sums, and guaranteeing unattainable profits. To gain the victim’s trust, there is often a reference to ‘personal experience’ with messages such as “We observed stocks recommended by him reached 10-20% profit in a very short period”, “I started making profit with every trade”, “The predictions were almost true every time”, or “At discounted rates, I made double the profits”.
“Each gang member has a role, whether a ‘fund advisor’, ‘technical expert’ or ‘stock manager’. In many cases, the agents impersonate as advisors of reputed banks like HDFC, SBI and ICICI,” an officer told ToI.
According to police, the investment requests typically occur in multiple stages. The reported returns on the “investment” seem promising, and the perpetrators often flaunt success stories within the group, publicly celebrating their “huge profits.” However, when the victim attempts to withdraw their funds, the scammers provide fabricated trading records or signals.
Some fraudulent entities use aggressive sales tactics to pressure investors into depositing more money or making larger trades. Additionally, they may create obstacles for investors looking to withdraw their funds, such as citing technical issues, to make it difficult for people to access their money. These groups often operate on unregulated platforms, allowing them to manipulate trades and show false profits or losses before disappearing and cutting off contact with the investors, stated ToI.
Telegram and Instagram are filled with channels where scammers set traps to lure users. Those most easily targeted are homemakers and retired individuals hoping to earn money quickly. The police advise against joining unverified channels and encourage people to rely on reputable sources rather than unknown entities.
“The key is in establishing the identity of the person who approaches and being certain about where their office is located,” said the officer. He said the verification should be done before even a single rupee is deposited, “because that’s how the pig is fattened”.
