Stock Market Fraud Alert: Mohammad Daud, 29, was taken into custody by Delhi police on Wednesday after it was alleged that he had deceived a woman into parting with Rs 23.5 lakh by using a website to promise large returns on stock market investments.
Targeting the Victim
A 32-year-old woman was the target of Mohammad Daud, who used social media to advertise a website that promised large returns from stock market trading. He convinced her to invest Rs 1,000 initially, which resulted in a return of Rs 1,300, when she called the number listed on the website. Her modest success encouraged her to increase her investment. But after she made additional investments, Daud didn’t pick up her calls. Eleven separate bank accounts received the money, according to the police investigation.
Complaint and Police Action
The woman claimed she had been defrauded of Rs 23.5 lakh in her complaint, which she submitted to the Northeast Cyber Police Station on April 10. The Delhi police tracked Daud down in the Maujpur region and carried out a raid in response to her complaint.
17 SIM cards, 11 debit cards, 4 passbooks, 15 checkbooks, 2 stamps, and 1 phone were found by the police during the raid. A portion of the stolen money, Rs 8.55 lakh, was recovered by the police from Daud’s bank account. The rest of the money had been moved to different accounts. The police stated, “Daud used to dupe people with the help of an associate who will be arrested soon.”
How to Prevent Yourself from Online Stock Market Scam
Verify Credentials: Make sure to always check the credentials of the individual or website providing investment opportunities. Verify whether they have a license and are registered with the relevant authorities.
Research: Perform independent, in-depth research on the investment opportunity. Examine claims, past performance, and any reviews or complaints.
Avoid High-Pressure Pitches: Steer clear of high-pressure sales techniques and returns that are guaranteed. Fraudsters frequently employ cunning strategies to entice investors.
Ask Questions: Never be afraid to inquire about the investment and get clarification. Reputable sources of advice or platforms will offer clear information.
Independently Verify Claims: Examine any profit claims or screenshots supplied by the investment offer independently. Don’t depend only on the seller’s information.
Educate Yourself: Learn about common investment scams and red flags to protect yourself. Being aware is essential to avoiding scams.
