Indians have lost ₹27 crores to fake trading apps, in 2024.

Recently, in Rourkela, Odisha, a senior official lost INR 67 lakh to a fake stock market app. Here's how the scam happened:

The scammers created an app that looked real and promised high returns on investments. The official trusted the app and decided to invest a lot of money. At first, the app showed fake profits, encouraging the official to invest even more. But once the scammers collected enough money, they disappeared, leaving the official with a huge loss. The investigation later revealed that this scam was part of a larger network based in Cambodia.

To avoid falling victim to such scams, follow these steps:

1. Verify Before Investing: Always check the trading platform or app. Look for reviews, approvals from financial authorities, and warnings. Make sure the platform is legitimate before investing any money.

2. Be Skeptical of High Returns: If an investment promises very high returns with little risk, it is likely a scam. High returns usually come with high risks.

3. Protect Personal Information: Be careful about sharing personal and financial information online. Scammers can use this information to trick you further.

4. Report Suspicious Activities: If you suspect a scam, report it to the authorities right away. Quick reporting can help stop the scam from affecting others.

The Broader Network:
Cambodian scam factories are part of a larger network that exploits people for cybercrime. These operations not only cheat investors worldwide but also trap thousands of people in bad conditions, forcing them to do fraud.

Victims are often tricked with fake job offers that promise high salaries. Once they arrive, they have to give up their passports and are forced to commit fraud under threats of violence.
The rise of cyber scam operations in Cambodia shows the dangers in the digital investment world. By staying informed and cautious, you can protect yourself from these scams and help stop these harmful activities.

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