Thiruvananthapuram, Sep 22 (PTI) Keralam police’s cyber wing has warned people about social media scams falsely offering stock investment opportunities in the name of leading trading firms.
According to a Facebook post by the state cyber police, fraudsters are creating AI-generated videos featuring prominent stock market personalities and heads of reputed companies and circulating advertisements on platforms such as Facebook and Instagram promising huge returns.
People who click on such advertisements are added to WhatsApp or Telegram groups on the pretext of providing stock trading training, police said.
The fraudsters then send links to fake applications designed to resemble those of leading trading companies and persuade victims to download them, it said.
Investors who open accounts on such fake apps and websites are gradually persuaded to deposit money in instalments, police said.
To gain their confidence, the fraudsters initially allow victims to withdraw small amounts. Believing the platform to be genuine, investors then deposit lakhs of rupees, often attracted by claims that stocks can be purchased at heavily discounted prices.
The fraudsters subsequently prevent them from selling the stocks purchased through the platform and insist that they hold them for a longer period, police said.
When victims later try to withdraw their money, they are asked to pay large additional amounts in the name of processing charges, taxes and other fee.
Even after paying these amounts, victims do not receive their money back and realise they have been cheated, the post said.
The cyber police and financial experts advised people not to fall for such promises or click on links from unknown sources and to make stock market investments only through Securities and Exchange Board of India-registered entities.
People who come across such fake advertisements or fall victim to such scams should report the matter to the cyber police within one hour, as far as possible, by calling 1930 or through the cybercrime portal, the post added. PTI LGK SSK
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