In recent months, a new type of financial scam has rapidly spread across India. Fake trading apps target people who want to profit quickly through stock market investments. These scams are not just fooling the uneducated but are trapping highly qualified professionals, retired officers, and even defence personnel.
People are falling into these traps because the apps seem professional and trustworthy. When they realise the truth, their hard-earned savings are already gone.
Scammers Using Social Media to Make Contact
The scam usually begins on popular platforms like WhatsApp, Telegram, and Instagram. Fraudsters start casual conversations and build trust with people. They then invite them to join private “investment groups” where they claim top market experts share daily trading tips.
Once a person joins the group, they see regular screenshots showing high profits, which are supposed to be from real investors. These posts look very convincing and show fake profits being made from trading.
After gaining trust, scammers ask people to download a trading app. This app looks exactly like any real stock market app. It shows market prices and live movements, giving the impression that everything is authentic.
Fake Profits Shown to Make People Invest More
As people begin to invest small amounts, the app shows them fake profits. They think the money is growing and feel motivated to invest more. Some even break their bank fixed deposits, borrow from friends, or take money from mutual funds.
They keep putting in money without knowing that the app is fake. All the numbers and profits they see are just visuals. In reality, their money is already gone.
Investors Face Errors When Trying to Withdraw
The real shock comes when they try to withdraw their money. The app shows technical errors or messages like “tax not paid” or “KYC failed.” The phone number becomes unreachable when they try to contact support, and the WhatsApp group vanishes.
The app has either been deleted or no longer works by now. The person is left with no option but to file a police complaint.
Even Educated Professionals Are Getting Trapped
What’s more worrying is that well-educated people also face this scam. A retired Air Commodore lost ₹1.45 crore. A 66-year-old man in Pune lost ₹2.5 crore. An agriculture officer from Kerala lost ₹43 lakh. These people trusted the app because it looked real, and the scammers acted smart.
The desire to earn quick profits without checking the app’s background has become a nightmare for many.
Disclaimer: This article is meant to raise awareness. Investors must verify any platform before putting money into it. Always use only SEBI-registered stockbroking platforms.
Sources: Navbharat Times, BSE, SEBI
