Man loses ₹4.43 crore to a fake stock trading app

An accountant at a multinational company was scammed out of ₹4.43 crore by a fake stock trading app. The victim joined a WhatsApp group called “Stock Market Winner VIP 1” where the administrator claimed to have ties with an American stock broking firm. Despite warnings from police about such scams, the victim invested a total of ₹4.43 crore in eight transactions. When he tried to withdraw money, he was asked to pay ₹1.18 crore for violating a “lock-in period for QIB IPO”. The victim realized he was duped and reported the incident to cyber crime police. Despite warnings, people continue to fall for similar scams.