Tag: stock market

  • Online Trading Scam: Mumbai Investor Falls Victim To Rs 2.56 Crore Online Share Trading Scam |

    New Delhi: Online trading scams are becoming more common in India these days. With so many scams happening, it’s important to be aware and stay cautious when trading online. These scams often target people looking to invest so staying informed can help protect you from falling victim.

    In a similar incident, a 60-year-old retired resident from Mumbai recently fell victim to a growing trading scam. The scammers tricked him into investing in a fake company with promises of big returns. Unfortunately, the victim ended up losing Rs 2.56 crore in an elaborate online share trading scam.

    Scammers Add Victim to WhatsApp Group

    The scam began when the victim received a message from an unknown number on WhatsApp. The scammers then added him to a WhatsApp group called “KK (Fortune Center)” in December 2023, as per TOI. (Also Read: Beware! Claiming False HRA While Filing ITR Could Cost You THIS Much: Check Here)

    Group Admins Pose as American Company Reps

    In this group, there were reportedly several administrators using aliases like Account Opening Manager, Chaman Singh, and Nita Singhania. They convinced the victim that they were representatives of a private American company involved in stock market investments. (Also Read: THESE Paytm Wallets To Be Closed From 20 July 2024 –Check Important Notice By Paytm Payments Bank)

    Falling for False Promises

    The scammers then gave the victim a link to a website where he was asked to enter his information and set up a virtual account. This virtual account seemed genuine and displayed promising investment returns. This led the victim to trust everything he saw and proceed ahead with the transaction, unaware of what was coming next.

    Initial Investment Leads Victim Deeper into Scam

    Guided by Singh and Singhania, in February the victim made his first investment of Rs 50,000 and saw a profit in his virtual account. As the victim watched his supposed profits grow he kept investing more money.

    The scammers went as far as sending fake shares certificates through social media to deceive the victim about the legitimacy of his investments. l media to further deceive him about the legitimacy of his investments. They also provided specific bank accounts where the victim transferred his money, thinking it was for investing in shares.//

    Scammers Demand More Funds Amid Stock Market Loss 

    However, things took a turn  when the group administrators claimed that their company had lost money in the stock market. They then asked the victim to invest an additional 20 per cent of his money to cover these losses.

    When the victim proposed deducting this amount from his shown profits and asked for a refund of his investment and earnings, the scammers declined. Afterward, the victim couldn’t reach other group members and his access to the virtual account was blocked. The scammer then understood that he had been deceived and approached the police. Eventually, the victim filed a complaint against the fraudsters.

  • Fundamental Radar I What makes Shakti Pumps a constructive bet in the pump manufacturing space? Parth Shah explains – The Economic Times Video

    Shakti Pumps India is a pioneer in the manufacturing of energy-efficient pumps and motors. Considering the current macro situation, a healthy order book, and rising government support towards the sector, Parth Shah of Stoxbox remains constructive on the company.

  • Navi Mumbai Woman Cheated Of Rs 1.92 Crore In Online Share Trading Scam |

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  • Sensex plunges over 500 points on global selloff; Nifty tests 17,600

    By PTI

    MUMBAI: Equity benchmark Sensex slumped over 500 points in early trade on Wednesday, tracking losses in index majors HDFC Bank, ICICI Bank and Infosys amid heavy selloff in global markets.

    The 30-share Sensex was trading 501.74 points or 0.84 per cent lower at 59,165.86.

    Similarly, the Nifty declined 135.05 points or 0.76 per cent to 17,613.55.

    ICICI Bank was the top loser in the Sensex pack, shedding nearly 2 per cent, followed by HDFC Bank, Maruti, Bajaj Auto, Infosys and Bajaj Finserv.

    On the other hand, Dr Reddy’s, Tata Steel, Sun Pharma and Nestle India were among the gainers.

    In the previous session, the 30-share index ended 410.28 points or 0.68 per cent lower at 59,667.60, and Nifty declined by 106.50 points or 0.60 per cent to close at 17,748.60.

    Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,957.70 crore on Tuesday, as per exchange data.

    According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the surge in the benchmark US 10-year yield to 1.546 per cent spooked equity markets in the US with cuts of above 2 per cent in S&P 500 and Nasdaq.

    “The rise in US bond yields triggering correction in equity markets has been a known threat for some time now. But what triggered this sudden spike in bond yield was the Fed chief Jerome Powell’s statement that inflation may persist for a much longer time,” he said.

    Further, he noted that the rise in the dollar index to 93.7 levels indicate profit booking in stocks and safe-haven buying into the dollar.

    “It is too early to conclude that this is a trend reversal for markets. But at the present elevated valuations, the risk is high. Investors may watch for consolidation in markets,” he added.

    Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with heavy losses in mid-session deals.

    Meanwhile, international oil benchmark Brent crude fell 1.51 per cent to USD 77.17 per barrel.