Don’t Trust Social Media Ads, Police Tell People
The fraudsters showed fake allotments of some shares on their website, displaying a manipulated total value of ₹1,30,58,899: Reports
HYDERABAD: The Hyderabad police on Friday issued an advisory to citizens not to trust social media advertisements, citing the case of a 60-year-old retired bank employee from Malakpet. In the first week of November, the pensioner came across a Facebook advertisement in the name a leading wealth management firm.
After clicking the link, he received WhatsApp messages, where the sender introduced himself as Goshan Yadav from the firm, and assured guidance for profitable investments and IPO allotments. He was then added to a WhatsApp group named after the firm, where members were posting fake screenshots of profits and share allotments to lure investors. Encouraged by the group admins, the victim invested ₹8,000 and eventually ₹51,23,000 by November 25, police said.
The fraudsters showed fake allotments of some shares on their website, displaying a manipulated total value of ₹1,30,58,899. When he wanted to withdraw the funds, the fraudsters demanded an additional ₹51,23,000 for releasing the proceeds. At this point, the victim realized he had been cheated under the guise of pre-IPO investments.
Police asked the citizens to stay vigilant against fraudsters who are creating fake advertisements on social media platforms in the name of reputed financial institutions. Do not trust investment offers received through Facebook, WhatsApp, Telegram, or unknown websites.
Always verify the authenticity of financial services directly from the official website or customer care of the company. Reputed institutions never ask customers to invest through personal WhatsApp numbers or unofficial groups.