Imagine being offered a golden opportunity to grow your wealth through stock market investments, only to realize later that it was all a scam. This is exactly what happened to Bijay Kumar Pradhan, a 48-year-old life insurance agent from Danipali, who recently lost Rs 20.45 lakh to an online stock market fraud.
The trouble began when a man named Ravi Sarangi reached out to Pradhan via an instant messaging site. Sarangi provided insights on stock market positions and high-quality stocks for future investments, reports TOI.
How the Scam Unfolded
Pradhan was soon added to three instant messaging groups where he was directed to deposit money into multiple bank accounts. The fraudsters assured him that his investments were secure. Initially, everything seemed legitimate, with Pradhan receiving small returns. Encouraged by these gains, he felt pressured to invest even more money. However, when he attempted to withdraw his funds, he was told he needed to deposit additional amounts to access his previous investments.
Between October and November 15, 2024, Pradhan transferred a total of Rs 20.45 lakh to several bank accounts, including funds from his wife’s account. This heartbreaking situation serves as a reminder of the importance of vigilance when it comes to online investments.
How to Protect Yourself from Such Scams
To safeguard yourself against similar scams, consider the following tips:
- Research Thoroughly: Always conduct thorough research before investing in any opportunity, especially those that come through social media or messaging apps.
- Seek Professional Advice: Consult with a certified financial advisor before making significant investments.
- Verify Credentials: Ensure that the individuals or companies you are dealing with are legitimate and properly registered.
- Trust Your Instincts: If something sounds too good to be true, it probably is. Trust your instincts and be cautious.
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