200 Investors Cheated by Scammers Posing as Prime Securities’ Unit
In a shocking incident, over 200 unsuspecting investors have fallen prey to fraudsters who allegedly impersonated TriGen Wealth, a wholly owned subsidiary of Prime Securities Ltd. The scammers used Facebook ads to lure potential investors, and the modus operandi was so convincing that even a Thane-based businessman lost more than ₹40 lakh to the racket. The incident came to light after the businessman filed a complaint with the cyber police.
The scammers, who posed as representatives of TriGen Wealth, promised investors high returns on their investments. They claimed to offer investment opportunities in stocks, bonds, and other securities, which would give investors a significant return on their investment. The fraudsters even provided fake documents and certificates to make their claims appear legitimate.
The investigation revealed that the scammers used Facebook ads to target potential investors. They created fake profiles and posted ads claiming to offer investment opportunities with high returns. The ads were designed to look legitimate, with the scamsters using the logo and branding of TriGen Wealth to make their claims appear authentic.
The scammers would then contact potential investors, who would be convinced to invest their money. The fraudsters would promise to invest the money in various assets, such as stocks, bonds, and real estate. However, the money would never be invested, and the scammers would use it for their own personal gain.
The modus operandi of the scammers is a classic example of a confidence trick. The scammers built trust with their victims by providing fake documents and certificates, and by making promises of high returns. They then used this trust to convince their victims to invest their money, which was never actually invested.
The incident highlights the importance of being cautious when investing in the financial markets. Investors must be aware of the risks involved and take steps to protect themselves from fraud. They should also be wary of unsolicited investment opportunities and should research any investment opportunity thoroughly before investing.
The cyber police have launched an investigation into the incident and have arrested several people in connection with the scam. The police are also working to recover the money lost by the investors and to bring the scammers to justice.
The incident serves as a reminder of the importance of investor education and awareness. Investors must be aware of the risks involved in investing and must take steps to protect themselves from fraud. They should also be wary of unsolicited investment opportunities and should research any investment opportunity thoroughly before investing.
What Can Investors Do to Protect Themselves?
Investors can take several steps to protect themselves from fraud:
- Be cautious of unsolicited investment opportunities: If an investment opportunity is being pushed on you, it may be a scam. Be wary of unsolicited calls, emails, or messages offering investment opportunities.
- Research the investment opportunity thoroughly: Before investing, research the investment opportunity thoroughly. Check the company’s website, read reviews, and talk to other investors who have invested in the same opportunity.
- Verify the company’s credentials: Verify the company’s credentials by checking with regulatory bodies such as the Securities and Exchange Board of India (SEBI) or the Reserve Bank of India (RBI).
- Be wary of high-pressure sales tactics: If an investment opportunity is being pushed on you with high-pressure sales tactics, it may be a scam. Legitimate investment opportunities will give you time to think and will not pressure you to make a decision.
- Keep personal information confidential: Keep your personal information confidential and do not share it with anyone you do not trust. This includes your bank account numbers, passwords, and other sensitive information.
Conclusion
The incident of over 200 investors being cheated by scammers posing as Prime Securities’ unit is a stark reminder of the importance of investor education and awareness. Investors must be aware of the risks involved in investing and must take steps to protect themselves from fraud. They should also be wary of unsolicited investment opportunities and should research any investment opportunity thoroughly before investing.
By being cautious and taking steps to protect themselves, investors can minimize the risk of being scammed and can ensure that their investments are safe and secure.
