| 30% daily profit, money doubled in 7 days, claim fake trading apps | | Police call it ‘bait’ ask people to remain cautious | | Atul Sharma
Early Times Report
Jammu, Oct 13: Messages promising to turn Rs 5,000 into Rs 10,000 in a week, with “guaranteed returns” and “wealth without risk,” may be landing on your phone several times a day. Jammu and Kashmir Police say these not lucky breaks but a bait laid by cyber fraudsters.
The police have issued a strong advisory warning the public against fake trading applications and bogus online investment schemes. Criminals are using these to loot unsuspecting people across the Union Territory.
According to police, the fraudsters build apps and websites that look authentic. The names, logos, live graphs and charts imitate well-known, registered investment platforms, so that nobody suspects anything at first glance.
Once trust is established, the lures begin: “guaranteed profit,” “instant earnings,” “limited-period offer, invest today.” The advisory cites two typical false claims that draw in the most victims: returns of up to 30 per cent a day, and money doubling within seven days. Police say such promises exist only to feed unrealistic expectations. No legal, registered investment scheme can deliver returns that high or that fast.
The trap turns cruel once money is transferred. In the early stages, the app may show attractive profits and even return a small sum to win the victim’s confidence. But when the victim invests a large amount, the fraudsters vanish with it. The number is blocked, the website goes down and the app stops working. By then, police say, it is too late.
Police have urged people not to invest blindly and to verify any app, company or website before putting money into it. Key precautions include checking whether the company is registered with regulators such as SEBI or RBI.
“Treat any scheme promising high profit “without risk” or a way to get rich quickly as a red flag. Beware of pressure tactics such as “today is the last day.” No credible firm forces a hurried decision”, the police warned.
People were warned against sharing personal details, bank information, passwords or OTPs with strangers or unverified online platforms.
Use only trusted, verified investment services, and consult a reliable person or a financial expert before investing, the police said. |
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