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Noida businessman loses Rs 9 crore to WhatsApp trading scam: Tips to stay safe

The number of cyber crimes in the country continues to grow. In the latest, a Noida businessman lost Rs 9 crore to a trading scam that started on WhatsApp. The victim has lodged a complaint with the city’s Cyber Crime police station. As per news agency PTI, the police have managed to get Rs 1.62 crore in his bank account frozen.

How did the scam begin?

The fraud started on May 1 when Rajat Bothra, a resident of sector 40 in Noida, was added to a WhatsApp group about stock market trading.The group claimed to have information about profit from share market trading.

Bothra started trading with small amounts. By May 27, he ended up investing RS 9.09 crore in the share trading.

Victim’s trading account closed

Assistant Commissioner of Police (Cyber Crime police station) Vivek Ranjan Rai told PTI that by May 27, the victim had invested Rs 9.09 crore in share trading. “However, after this, his (trading) account was closed”, he added.
“When we got the complaint, we immediately started an investigation and so far we have managed to get Rs 1.62 crore in his bank account frozen,” Rai said.
During their investigation, the police found that the duped money was transferred at various places, including Chennai, Assam, Bhubaneswar, Haryana and Rajasthan.
The ACP said that a special team has been formed to investigate the case and arrest the cyber thugs involved in it.

How to stay safe from cyber thugs?

The police have urged the general public to be cautious of emerging online crimes. In case of such incidents, citizens can reach out to them at the earliest either by using central helpline number 1930 or emergency number 112 or at the cyber desk at local police stations. It is also advisable to practice caution while investing online. Here are some tips to stay safe from trading scams online:

  • Thoroughly research about the trading platform and company. Look for reviews, regulatory compliance, and track records.
  • Check the official website and contact details of the trading platform.
  • Beware of unrealistic promises. If it sounds too good to be true, it probably is.
  • Ensure the website uses HTTPS and has a secure connection.
  • Check for any red flags. Be wary of pressure to act quickly, requests for personal information, or demands for payment.
  • Use strong, unique passwords for your trading accounts and enable two-factor authentication (2FA) for an added layer of security.

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