Goemkarponn Desk
PANAJI: The public has been advised by the Goa cybercrime police to exercise caution and to reject requests from strangers to invest in trading platforms that offer large rewards.
According to police, these types of frauds are more frequent these days. The technique is as follows, according to Vidyanand Pawar, police inspector of the cybercrime police station in Ribandar:
“A fraudster first posts an advertisement on social media platforms about’share trading, IPO allotments, profit making stocks and others.'”
The scammer then requests that investors sign up for free WhatsApp and Telegram groups in order to receive daily trading recommendations for booking profits.
The con artist poses as a trainer for investments. Many other members of the community also share posts on the earnings they have made from investing in the trainer’s recommended stocks. According to Pawar, the con artist persuades victims to invest little sums of money in stock trading in order to receive enormous returns.
He claimed that at first, the victims receive good returns on their modest investments. Additionally, they receive new initial public offerings (IPOs) for a variety of equities on their app profile. When the victims (investors) gain confidence, they start making big investments, and the return is shown in the app profile, according to Pawar.