Trick 2- Use of Fake Trading Platforms to Defraud Investors
- Fraudsters created counterfeit stock trading apps mimicking legitimate platforms.
- Promoted these platforms through social media and messaging apps to attract investors.
- Displayed fake profits to encourage more investments but blocked withdrawals, causing financial losses.
2. Fake Stock Trading Platform Scam in Mumbai (2024)
Steps of the Fraud:
- Creation of a Fraudulent Platform:
- Scammers developed a counterfeit stock trading application named “BAJAJ-SST,” mimicking legitimate trading platforms.
- Promotion via Social Media:
- The fake platform was disseminated through links on social media and WhatsApp groups, targeting potential investors.
- Inducement to Invest:
- Victims were lured into investing substantial amounts, with one retired individual losing ₹36.5 lakh.
- Fabricated Profits and Withdrawal Barriers:
- The platform displayed fictitious profits, but when victims attempted to withdraw funds, they were either unable to do so or were asked to pay additional fees, leading to further losses.