Beware of Online Trading Scams: Gurugram Doctor Loses Rs 2.5 Crore to Cyber Fraud

Online trading scams have become a growing menace, leaving unsuspecting individuals vulnerable to financial ruin. In a recent incident reported by The Tribune, Dr. Puneet Sardana, a resident of Kendriya Vihar Society in Gurugram, became the latest victim of a cyber scam, losing a shocking Rs 2.5 crore to unidentified cybercriminals.

The unfortunate saga began on January 4, 2024, when Dr. Sardana encountered a tempting advertisement promising significant profits through online stock and initial public offering (IPO) investments. Intrigued by the allure of easy gains, he contacted the provided number, initiating a chain of events that would ultimately lead to substantial financial loss.

The fraudulent scheme involved the scammers sending a link via WhatsApp, prompting Dr. Sardana to download a seemingly legitimate share-buying app. Initial investments of Rs 50,000 appeared to yield profits, but the real deception unfolded when he was coerced into participating in an IPO. The scammers inflated his account balance to a fictional Rs 3.19 crore, creating a facade of success. However, when Dr. Sardana attempted to withdraw his supposed profits, he encountered insurmountable obstacles.

Frustrated and desperate, the doctor reached out to the scammers, only to be further manipulated. The fraudsters convinced him to deposit additional funds as "security deposits" to facilitate the withdrawal process. Falling prey to their elaborate scheme, Dr. Sardana transferred a total of Rs 1.36 crore in multiple transactions.

The perpetrators, having successfully swindled a substantial sum, vanished without a trace. Dr. Sardana's attempts to contact them were futile, leading him to finally approach the police and file a formal complaint. As the investigation unfolds, this case serves as a stark reminder of the perils associated with online advertisements promising extraordinary returns.

In light of these rising scams, it is crucial for individuals to stay vigilant and adopt preventive measures. Here are some tips to safeguard yourself from falling victim to online trading scams:

Skepticism is Key: If an investment opportunity seems too good to be true, exercise caution. Do not be swayed by enticing advertisements or recommendations from unfamiliar sources.

Research Thoroughly: Before investing in any online platform, conduct thorough research to validate its legitimacy and credibility. Look for user reviews and verify the platform's registration with relevant authorities.

Guard Sensitive Information: Avoid sharing sensitive information such as bank account details, passwords, or credit card numbers online, especially on unfamiliar platforms.

Report Suspicious Activity: If you encounter any suspicious activity or suspect fraud, report it immediately to the authorities and the platform where the incident occurred.