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IndianMoney Review: A Person Cheated By Stock Market Fraud

IamCheated.com Research Team | December 03, 2018  5:17:pm

IndianMoney Review: A Person Cheated By Stock Market Fraud

Stock market frauds in India

Most people have dreams of investing in the stock market and making good money. Unfortunately, not everyone knows how the stock market works and methods of investment. IndianMoney reviews say only 2-3% of the people invest in equity in India, with most people not having knowledge or awareness on stocks. Fraudsters are taking advantage of this lack of knowledge. Many people have fallen prey to stock market fraud, where they have been cheated in the name of earning good returns through an investment in stocks.

IndianMoney Review: A Person Cheated By Stock Market Fraud

At the beginning of the year, a 35-year-old professor had been cheated to the tune of Rs 1.05 lakhs by two people, who promised help to invest in stock market. They had also promised good return on investment. Unfortunately, he lost all the money.

See Also: How your stock broker may cheat you?

How exactly did the fraud take place?

The victim had come across an advertisement on social media. The advertisement said they would provide tips to people, investing in shares. The professor, who wanted to invest in the stock market, clicked the link and filled up the requisite details.

He received a call from a company called Capital Heights, the very next day. The caller said he was an executive of the company and would provide stock tips. He would also help with the stock market investment.

The professor was asked to pay Rs 5,000. After he paid the money, he got a call from the same company asking for a transfer Rs 1 Lakh. The caller claimed she would open a demat account for him and buy shares on his behalf.

See Also: How To Buy Good Stocks?

After transferring the money, he called back and asked for the ID and password of the demat account. He was shocked to hear the reply which said, they had suffered heavy losses with the recent investment and all the money was lost. The professor immediately filed a police complaint.  

The police conducted an investigation and scrutinized the bank account to which the money was transferred. The bank account was in the name of Kajol Singh and the account was still in use. The police conducted further investigations and managed to get her number and location. The accused has now been arrested.

The bank account used for the fraud has been seized by the Police and they found Rs 17 Lakhs transferred to that account from 35 different accounts.

Tips to save yourself from stock market fraud: A review by IndianMoney:

  • IndianMoney reviews ask to invest in stocks only after doing research.
  • Never believe fraudsters who promise unrealistic returns and cheat in the stock market.
  • SEBI the capital market regulator, regulates the stock markets preventing fraud and cheating.
  • Invest in stocks only through a registered stock broker or depository participant like a bank.

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