Housewife cheated by scammers

Hyderabad: A 32-year-old housewife from Hyderabad was contacted through WhatsApp by representatives of M-Stock Max, a trading platform. She was unaware of how the scammers obtained her contact information. The scammers explained an investment opportunity, convincing her that she could earn significant profits. Under their influence, the victim transferred and lost an amount of Rs 3,60,000 to the company account provided by the scammers.

After the transfer, the scammers informed her that the funds had gone into an IPO and were temporarily on hold, but assured her that she could withdraw the money in 15 days. They insisted that she transfer additional funds to ensure a smooth process. However, the victim became suspicious and refrained from making any further payments. Upon further investigation, she discovered that the scammers were using the name and details of M-Stock, a legitimate company, to defraud innocent people. Furthermore, the scammers are also running a WhatsApp group with 80-100 members, all seemingly involved in similar fraudulent schemes. The situation has caused financial distress for the victim and others. Victim made online complaint for help.

The cybercrime police advised the public to beware of fraudsters, who approach victims through various online social media platforms i.e. Telegram, WhatsApp, X, Instagram, and Face book by advertising Fake investment app / websites.

Such schemes are fraudulent and do not have SEBI’s endorsement. Always ask to a SEBI registered financial advisor before investing. Fraudsters are using simple tactics to lure gullible investors with promises of high returns and Fake profit screenshots. Later, they will credit a small amount in the victim’s account to gain the victim’s confidence. Never believe the promises of huge returns. In case they become victims of cybercrime fraud, immediately dial 1930 or by visiting cybercrime.gov.in.