Latest India Scam! 2 "Fake App" Fraud Cases Registered

Pay attention if you invest your money in random trading applications that promise great returns and profits. Remember, they're all SCAM.

The Hyderabad Cyber Crime Police in India recently reported two cases. Victims who put money into investing and jewellery apps were deceived.

Fake Forex App- 51 Y/O got scammed

Recently, the Hyderabad Cyber Crime police of India reported that a citizen of Hyderabad, India, had deposited 1.5 lakh in the Bull Forex app. Vipin Kumar, a broker's agent, promoted the app. After investing, the victim was able to check his balance on the app. All was going well until he attempted to withdraw funds. When he attempted to withdraw, he was told, that he needed to pay an additional 1 lakh in taxes. It was the old strategy of fraudulent trading platforms. When the victim refused to comply.

The brokers representative stopped responding to the victim and turned off his phone. After this incident, the victim was unable to access his funds or the app. A case was registered through the National Cyber Crime Reporting portal, and police are currently investigating.

Jewellery Investment Fraud

Police reported the incident on October 28, 2024. Dheeraj Yadav, a victim from India, filed a complaint regarding a fraudulent Jewellery investing app called Wwake Jewellery Investment app.

The victim said that he downloaded the app in March and invested 8,000 rupees. Following this investment, he started getting little payments of Rs.500 or more every day. The app guaranteed investors 548 daily returns over 50 days. Eventually, after 6 months, the payment stopped, resulting in a total loss of 98,335.4 to the victim.

BE ALERT

DO NOT BELIEVE IN INVESTMENT APPS. The Reserve Bank of India warns consumers from time to time to avoid dealing with unregistered unlawful brokers.

The Hyderabad Crime Branch also advises users to be wary of Forex investing apps. As an investor, you should take such warnings carefully.

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