Man loses ₹41 Lakh to ‘IPO Gurus’: Here’s how you can stay safe

Let’s be honest, everyone who invests in the stock market is secretly hoping to hit the jackpot with the next big stock tip or that hyped-up IPO. But while dreams of overnight riches are fun, the reality check can be brutal if you’re not paying close attention.

Case in point: a man from Thane who lost nearly ₹41 lakh in a scam that started with a simple Facebook ad.

It all started with a tempting Facebook ad

The story reads like something straight out of a modern-day cautionary tale. A 48-year-old resident of Thane, Maharashtra, was scrolling through Facebook when he came across an advertisement promising big returns through online trading.

Harmless enough, right? But that one click turned out to be the first step down a very expensive rabbit hole.

Next thing he knew, he’d been added to a WhatsApp group run by so-called “experts” who claimed they could guide him to success, especially with lucrative IPO investments. Eager to cash in, he started following their instructions and began transferring money, lots of it. By the end of May and June, he’d sent over ₹40.99 lakh to various bank accounts as part of the “investment process.”

The fake profit, the tax trap, and the wake-up call

Here’s where things took a classic scammy turn. The victim’s trading account (which, by the way, was totally fake) began showing huge profits; his ₹41 lakh had apparently doubled to ₹88 lakh!

But, predictably, there was a catch. When he tried to withdraw his money, the fraudsters redirected him to a portal that was asking him to pay 20 per cent of what he was about to withdraw, as “tax” before, the payout. Normally, any such tax is usually adjusted from the payout.

That’s when the penny dropped. Realising something was off, the man contacted the authorities, and the case is now being investigated by Vartak Nagar police. But the money? Still missing.

How to stay safe

So, what can you learn from this? First, if an investment opportunity sounds too good to be true, it probably is. Avoid clicking on ads from unknown sources, and never trust random WhatsApp or Telegram groups promising guaranteed profits.

Always use trusted trading platforms and check if any “expert” is actually registered with a regulator. And above all, never transfer large sums of money without double-checking who you’re dealing with. Because sometimes, that jackpot tip is just a very expensive lesson in disguise.