.avif&w=128&q=75)
A recent cyber fraud in Kerala, where a man lost ₹52.85 lakh, underscores the importance of due diligence when investing in unlisted shares. Scammers impersonated TATA Capital executives to lure the victim, highlighting the risks and need for caution in the unlisted market.
A disturbing incident of cyber fraud has emerged from Kerala, where a resident of Muvattupuzha was defrauded of ₹52.85 lakh in a sophisticated stock market scam orchestrated through WhatsApp. The case highlights the critical need for investors to exercise caution and conduct thorough due diligence, especially when dealing with purportedly high-return opportunities in the unlisted shares market. Although the article doesn't directly talk about TATA Capital Unlisted Shares’ performance or activities, the mention of the company's name being used for fraudulent purposes necessitates a discussion on investment safety.
The victim was enticed by an advertisement on Facebook, seemingly endorsed by a well-known financial influencer, which promoted a trading platform promising substantial returns through bulk share trading (block trading) after regular market hours. Clicking on the link led him to a WhatsApp group named ‘Money Fi Tata Capital’. This marked the beginning of an elaborate scheme that exploited the investor's trust and lack of verification.
Upon joining the WhatsApp group, the victim was promptly contacted by individuals posing as financial advisors. A woman identifying herself as Anushka De and a man claiming to be Jain engaged with him via phone calls, building a rapport and creating a sense of legitimacy. To further deceive the investor, the scammers used a fabricated LinkedIn profile of Rohit Malvankar, falsely claiming he was the Deputy Vice President of TATA Capital Unlisted Shares.
These deceptive tactics were designed to create a facade of credibility, encouraging the victim to believe he was dealing with genuine financial professionals associated with a reputable organization. The fraudsters instructed him to deposit funds into the account of a firm named Data Tech Technology India Private Limited, further masking their illicit activities.
Believing it to be a legitimate investment, the victim transferred ₹2 lakh on May 13 as an initial payment. The next day, after being shown fabricated records of profits earned, he transferred another ₹3 lakh. Over the following days, through twelve transactions spanning from May 13 to May 31, he continued to deposit increasing amounts of money into various accounts provided by the scammers, eventually totaling a staggering ₹52.85 lakh.
The fraudsters then escalated their demands, requesting an additional ₹80 lakh under the guise of purchasing three lakh shares, which they claimed would generate a return of ₹4 crore within three days. This exorbitant demand raised the victim's suspicion, leading him to consult a chartered accountant.
Upon reviewing the transactions, the chartered accountant immediately identified them as fraudulent, preventing further losses. When the victim informed the scammers that he could not provide the additional ₹80 lakh and was content with the supposed profits already made, they attempted to negotiate a final payment of ₹40 lakh. It was at this point that the victim fully realized the extent of the scam and reported the incident to the police.
The Muvattupuzha police have registered a case and launched an investigation. Preliminary findings indicate that the defrauded money was siphoned into accounts of bogus entities and individuals operating under fictitious identities, making the recovery process challenging.
This incident serves as a stark reminder of the risks associated with online investment platforms and the importance of verifying the credentials of financial advisors and the legitimacy of investment opportunities. Investors should be wary of unsolicited investment advice, especially those promising unrealistically high returns. Always cross-reference information, check official company websites, and consult with independent financial advisors before making any investment decisions. This case, involving the misuse of the TATA Capital Unlisted Shares name, underscores the need for heightened awareness and vigilance in the unlisted market to protect investors from falling prey to fraudulent schemes.
