A rising wave of fake trading apps is ensnaring retirees, government employees, and even defense personnel, promising unrealistically high returns.

These scams, often promoted through WhatsApp, Instagram, or Telegram, lure victims into "investment groups" with fake market gurus showcasing fabricated profits.

Scammers push users to download apps mimicking legitimate platforms, complete with realistic interfaces that display illusory gains, encouraging victims to invest more - sometimes by breaking fixed deposits or borrowing heavily.

The trap springs when withdrawals are attempted. Victims face errors like “tax non-compliance” or demands for additional deposits to “unlock funds.” By the time they realize the scam, the apps vanish, and scammers become unreachable.

Real cases include a Pune retiree losing ₹2.5 crore, a scientist defrauded of ₹2.08 crore, and a software engineer cheated of ₹28 lakh.

Protect yourself by using only SEBI-registered brokers and avoiding third-party app downloads.

Never share OTPs, PAN, or bank details with unverified platforms.

Ignore “guaranteed” 15-20% monthly returns and consult certified advisors. True wealth creation demands patience, discipline, and secure platforms—not shortcuts that lead to financial ruin.