The Cyber Crime unit of Hyderabad police on Wednesday cautioned citizens against stock market and trading frauds and issued an advisory.
Never Trade the Stocks in any unknown applications other than registered with SEBI; Do not transfer money to the individual bank Accounts as the stock broker facilitate the transfer of the money through their application only. Do not believe in dubious returns offered by the fraudsters; Make sure of the applications while downloading from Google Play store or their own websites: Never share your demat account credentials with unknown people; Do not make investments based on conversations in random groups.
In the most of the cases, working professionals, chartered accountants and advocates are getting trapped by the fraudsters. Recently an advocate saw an advertisement in the Facebook and invested an amount of Rs 85 lakhs in a fake trading website and got victimised to this fraud.
Police cautions public against trading frauds
Another victim who is an IT employee was added to a Whatsapp group by the fraudsters. Believing the conversations and the profits shown in that group, he invested and lost an amount of Rs 55 lakh. Another victim who is a CA by profession, was trapped by the fraudsters with a fake trading website and lured an amount of Rs 91 lakk from him.
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