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Financial FraudImpact: ₹3.5 Lakh financial loss
The Promise of Double Returns
Threat Type: Telegram Stock Trading & Task Scam
What Happened
An accountant was added to a Telegram group boasting 10,000 members where participants constantly shared screenshots of massive daily profits from an 'institutional algorithmic trading app.' Enticed by the apparent success, he invested ₹10,000 and was allowed to withdraw ₹14,000 the next day. Hooked by this manufactured trust, he deposited ₹3.5 lakh into designated bank accounts over two weeks, only to find his withdrawals frozen due to 'tax clearance fees.'
✅ How It Was Resolved
- •Avanzo analyzed the trading app APK and identified it as a fraudulent simulation platform displaying fake market tickers.
- •Guided the victim to document all transaction UTR numbers and file a comprehensive cybercrime complaint.
- •Assisted in submitting fraud notification notices to the recipient banks under RBI guidelines.
⚠️ Red Flags to Watch For Next Time
- •Unsolicited inclusion in Telegram or WhatsApp trading groups with hundreds of messages praising an 'admin' or 'mentor.'
- •Trading platforms not registered with SEBI that require depositing money into personal bank accounts or UPI IDs rather than formal corporate accounts.
- •Demands for additional deposits (taxes, penalties, release fees) to unlock frozen withdrawal balances.
🛡️ Steps to Protect Yourself
- •Never invest through apps downloaded from Telegram links or WhatsApp groups; verify SEBI registration independently.
- •Test platforms by attempting complete withdrawals before committing significant personal capital.
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