Team Herald
PANJIM: Against the backdrop of rising financial frauds in the State, the Goa police have issued an advisory warning people to be aware of the tactics fraudsters use to lure gullible investors by offering igh returns in online share trading.
In an advisory, the police have asked people never to trust an investment opportunity that comes through an unsolicited email, social media message or phone call.
“If an investment promises unusually high returns with little to no risk, it’s likely a scam. Fraudsters often create a sense of urgency, pushing you to invest before you can fully evaluate the opportunity. Reputable financial institutions will provide clear information about the risks and the specifics of any investment,” the advisory said.
The police have advised people to always check the background of any company or individual offering investment opportunities, use resources like SEBI’s online databases or Investors Education and Protection Fund (IEPF) to ensure legitimacy, and seek advice from a certified financial planner or registered investment advisor before making any decisions.
“When investing online, ensure the platform is legitimate and has strong security measures, including two-factor authentication. If you suspect that you have been targeted by a fraudster, report it to Cyber Crime Cell, SEBI, or RBI immediately,” the advisory added.
“Authorities are working tirelessly to track down and apprehend those responsible for these scams, but consumer awareness is vital to preventing further victimization. By remaining sceptical of unsolicited offers and verifying the authenticity of any financial opportunity, individuals can protect themselves from becoming the next target of online investment fraud,” the advisory said.
The advisory cited a recent incident wherein a person was duped of Rs 38,90,182.90 under the pretext of receiving high returns in online share trading.
It was revealed that the victim was initially added to a WhatsApp group and provided with complete guidance on online trading. The fraudsters further instructed the victim to buy an IPO through an app called 'FYERS,' which is not a legitimate platform. Due to a lack of knowledge and awareness, the victim unknowingly transferred Rs 38 lakh to various bank accounts provided in the WhatsApp group, resulting in a loss of his hard-earned money.