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Protect Yourself from Rising Financial Scams in India: Exercise Caution Online and Verify Before Investing

Fraud, Bribery & CorruptionProtect Yourself from Rising Financial Scams in India: Exercise Caution Online and Verify Before Investing

Fraud and scams are on the rise in India, with numerous cases of people falling victim to financial scams. To protect yourself from such schemes, it’s essential to exercise caution when dealing with strangers and thoroughly vet individuals you interact with online. When it comes to financial investments, avoid acting solely on the advice of others or the promise of high returns, especially when the advice comes from unfamiliar sources. Relying on financial guidance from strangers can lead to disastrous consequences.

One instance highlights the story of an Ahmedabad-based software engineer who met a woman on a dating website and followed her recommendation to invest nearly ₹1 crore in Bitcoin, only to discover that the woman was a scam artist. The engineer, Kuldeep Patel, reported a fraud case to the Gandhinagar police, claiming a loss of ₹1 crore.

Kuldeep had connected with a woman named Aditi online while seeking potential matches. She claimed to be involved in exporting goods to the United Kingdom and advised Kuldeep to deposit funds in Banocoin. Initially, he saw a $78 profit on his one lakh investment, prompting him to invest more. Between July 20 and August 31, he deposited ₹1.34 crore. However, on September 3, when he attempted to withdraw ₹2.59 lakh, he was informed that his account had been frozen.

To regain access, Kuldeep was told he needed to deposit an additional ₹35 lakh. When he tried to contact the woman he met on the dating website, he realized he had fallen victim to a scam.

To stay safe, the best approach is to avoid giving your money to strangers. Seek assistance from reputable financial advisors for investment decisions. If you’re unsure about where to invest, consult professionals rather than trusting unknown individuals.

Additionally, scammers are targeting people through dating and marriage apps. Even if you want to trust someone you meet on such platforms, take the time to meet them in person several times and get to know them thoroughly before placing trust in them. This cautious approach can help protect you from falling prey to scams.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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