A 45-year-old man from Navi Mumbai in Maharashtra allegedly lost Rs 1.06 crore after being lured into share trading for good returns, police said on Thursday.
The accused contacted the man, who has an engineering unit in the Taloja area of Navi Mumbai, and lured him into share trading while assuring good returns, senior police inspector Gajanan Kadam told news agency PTI.
Also Read: Online Share Trading Fraud: Mumbai Woman Loses Rs 1.92 Crore In 3 Months, Here’s How To Stay Safe
Over the last two months, the man transferred Rs 1,06,28,000 to different bank accounts through online mode. But when he did not get the returns and his invested amount, he approached the police, the official said.
Based on his complaint, a case was registered against four persons under relevant provisions of the Indian Penal Code and the Information Technology Act, the police added.
Protecting yourself from trading scams involves several steps to ensure your safety and security:
- Invest time in learning about the stock market, trading practices, and various investment instruments. Understand the different types of trading scams prevalent and how they operate.
- Select a registered and reputable broker recognized by the Securities and Exchange Board of India (SEBI). Verify the registration details on the SEBI website or through other reliable sources.
- Stay away from unregistered or unauthorised trading platforms, especially those promising high returns with minimal risk. Be cautious while taking inputs on social media platforms.
- Be cautious of unsolicited calls, emails, or messages promoting investment opportunities from unknown sources.
- Conduct thorough due diligence before investing in any scheme or platform. Research the company, its background, financial health, and regulatory compliance.
- Scrutinise the terms and conditions, fees, and potential risks associated with the investment.
- Ensure that the trading platform or brokerage firm provides a secure environment for transactions.
- Be wary of high-pressure sales tactics or promises of guaranteed returns. Avoid investments that seem too good to be true or involve significant risks that are downplayed.
- Keep yourself updated with the latest news, market trends, and regulatory changes. Stay informed about common trading scams and how to recognize and avoid them.
- Consider seeking advice from qualified financial advisors or professionals before making investment decisions. Consult with trusted individuals or organisations who can provide unbiased guidance.
- If you encounter any suspicious activity or believe you have been a victim of a trading scam, report it to the appropriate authorities such as SEBI, the police, or consumer protection agencies.
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