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How fraudsters pull off stock market investment scams: a step-by-step guide from Mumbai Police
“Don’t become a guinea Pig for fake trading apps!” Mumbai Police wrote as a part of a post about the stock market investment scam.
Mumbai Police regularly shares advisories on Instagram to create awareness about various scams. In their latest share, they posted about how scammers pull off stock market investment scams. The department posted a step-by-step breakdown of this type of scam and shared tips on staying safe.
“Want to become a ‘Wolf’, ‘Bear’, or ‘Bull’ in the Share Market? Don’t become a Guinea Pig for fake trading apps!” Mumbai Police wrote as they shared three visuals. The first image has the words “Stock market investment scam” written on it, along with the hashtag #DontTradeSafety. The following image shows several steps with the text “How fraudsters trap you” written on top.
As per the visual by Mumbai Police, the scammers start the fraud by adding people on platforms like Facebook, WhatsApp, and Instagram. This is followed by classes on “Stock and IPO” investments. The unsuspecting victims are then asked to download “trading applications” and add money to the app’s wallet. The scammers then freeze the money to trap the victims.
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The third visual is a list of tips from the department on how to avoid scammers to keep oneself safe. It also explains how one can lodge a complaint if they get scammed.
Take a look at this scam-related post by Mumbai Police:
The post was shared some 17 hours ago. Since then, the post has accumulated more than 6,200 likes. It has also collected several comments.
How did Instagram users react to Mumbai Police’s advisory?
“Thank you for sharing. It is really helpful,” wrote an Instagram user.
“Ignore messages that say your power supply is going to be cut off, or from any government sectors or, for that matter, from the private sector. Directly call the government or private sector office to verify. Period,” suggested another.
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“Thanks for sharing. I have been receiving a lot of these lately. Wanted to know the right way to report,” added a third.
“Thanks for sharing this. I was in such a WhatsApp group through social media. This is the exact modus operandi,” posted a fourth.
