Last month, former IG Amar Singh Chahal died by suicide in Patiala, Punjab. In his 12-page suicide note, he revealed that he had fallen victim to an online investment scam worth ₹8.10 crore. He was targeted by a group operating on WhatsApp and Telegram, where fraudsters posed as bankers and wealth advisors and convinced him to invest large sums of money. One of the accused claimed to be the CEO of DBS Bank (Development Bank of Singapore) and regularly shared tips related to the stock market, IPOs, and trading. Group members were shown impressive profits on an online dashboard, which encouraged them to keep investing more money. However, when they tried to withdraw their funds, they were asked to pay additional amounts in the name of service charges, taxes, and membership fees, and were cheated again. Every week, you read about different kinds of cyber fraud in this column. Today, in the Cyber Literacy section, we are focusing on investment scams. We will also explain: Expert: Rahul Mishra, Cyber Security Advisor, Uttar Pradesh Police Question- What is investment fraud? Answer- Investment fraud means cheating in the name of investment. In this, an individual or a company entices with the lure of high profits. In most such cases, promises of large profits in a short period are made. Initially, small returns are shown to build trust, but later, investors receive neither the principal amount nor the profit. Question- Suppose you have one lakh rupees and you want to invest, so what will you do now? Answer- If someone has money deposited in a bank account, its value decreases over time. In fact, the interest received on a savings account is often less than the inflation rate. This means the money in the account remains the same, but its value decreases. If your money is diminishing while sitting in the bank, then the thought comes to invest it somewhere. An investment that yields good returns. But during this, money can also be lost due to some mistakes. Former IG Amar Singh also thought exactly the same, but he lost all his money due to these 5 mistakes. From the graphic above, we understood what mistakes Amar Singh made while investing. So now the next logical question is, what is the correct way to invest? Let’s understand this. Also read: Why do USB ports have different colours?
Question – What is the correct way to invest? Answer – The most important thing while investing is that your money remains safe and you get a balanced return. For this, the correct way is to invest only through reliable and regulated platforms. First of all, before investing in any scheme, get complete information about it, understand the risks, and check all necessary documents. Question- What mistakes should never be made while investing? Answer- The biggest risk in investing is investing money in fake companies due to greed. Always remember that investing money based on unknown calls or online groups will only result in losses. To avoid investment mistakes, see the graphic- Also read: Finland’s researchers successfully transmitted electricity through the air using frequencies
Question- How does a good investor invest? Answer- A good investor invests wisely without being swayed by emotions. First, he looks at his goals and the time limit to achieve them. After this, he assesses his investment capacity and understands the risks of the scheme. He stays away from any kind of guaranteed returns or the temptation to get rich quickly. He is patient, thinks long-term, and also regularly reviews his investments. He also asks himself some questions before investing, see in the graphic- Question- Is greed the biggest reason for investment fraud? Answer- Yes, most fraudsters commit fraud by taking advantage of investors’ greed. Therefore, never fall for the temptation of guaranteed returns. Always choose official methods for investment. If you are investing in a bank, contact the branch. If you are investing in the stock market, do so only through a SEBI-approved reliable app. Do not trust investment-related messages received on WhatsApp or Telegram. Question- What should you do immediately if you suspect fraud during investment? Answer- As soon as you feel that you are being defrauded, immediately inform your bank without delay and request to stop the transaction. After this, call the cybercrime helpline 1930 or register a complaint on cybercrime.gov.in. The sooner a complaint is filed after fraud, the higher the chances of recovery. Also read: Giving your phone for repair to service centre? Your financial details can be at risk of theft
Question- Can money be recovered after an investment fraud? Answer- Yes, but it completely depends on how quickly you filed the complaint. If the bank and cyber cell are informed within a few hours of the transaction, the fraudster’s account is frozen. If there is a delay in complaining, the fraudsters transfer this money to other accounts. This makes recovery difficult. Finally, always remember these 5 red flags of fake investment schemes: Therefore, always invest through official channels. Ask as many questions as come to your mind before investing, and stop immediately if you have any doubts. Investigate thoroughly.
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