Scams increased amid the boom in the stock market, more than 735 people were cheated of Rs 200 crore

Stock Market Fraud: Due to the earnings from the stock market, the number of people investing in the stock market is constantly increasing. Along with this, fraudsters have also become active. Recently, there has been a tremendous increase in stock market fraud cases in IT hub Bangalore. In the last four months, fraud worth Rs. 197 crore has taken place.

735 cases of stock market fraud reported in Bengaluru

In the last four months, a total of 735 cases of stock market fraud have been reported in Bengaluru. In which fraud has been committed by luring people to invest and promising attractive returns. It is worth noting that the police have not been able to solve even a single case. The bank has been able to freeze the account in only 10 percent of the cases. In the last four months, people of Bengaluru have spent Rs 200 crore. There has been a loss of Rs 195 crore.

Ahmedabad CA also got duped of 2 crores

C, a resident of Ahmedabad, was also a victim of a stock market fraud. In which, on an investment of Rs. 1.78 crore, a return of Rs. 5 crore was shown and a total of Rs. 18.70 lakh was demanded as tax. Rs. 2 crore was paid to the fraudsters' website and they themselves got trapped.

8 victims per day

The highest number of cases of fraud in the stock market have been reported in the month of February. Cyber ​​police has formed a special team to investigate the matter. According to the police, in February 2024 alone, 8 cases related to stock market fraud were reported every day. In a total of 237 cases, people were defrauded of Rs 88 crore in the name of investment.

Investors are falling prey to 'temptation'

Additional Joint Commissioner of Police Chandragupta said that people are falling prey to these criminals due to greed. He said that most of the victims of fraud are below 30 years of age and are aware of the market, but they are falling prey to criminals in the greed of higher returns.

NSE issued a warning

In March 2024, the National Stock Exchange warned investors that several cyber criminals were targeting investors by offering fake certificates claiming to be affiliated with major financial institutions. It is being claimed that these fake certificates are issued by SEBI. Earlier in February, market regulator SEBI had warned investors about fraud in the name of FPIs.