200 People Duped Of ₹42 Lakh: How 19-Year-Old Social Media 'Influencer' Lured Victims

11/12/2024 5:00:37 AM

(MENAFN- Live Mint) The Rajasthan Police recently busted a fake investment scheme by a teen social media influencer. The imposter fraudulently cheated more than 200 people of about ₹42 lakh through a bogus investment scheme. The 19-year-old fraudster was identified as Kashif Mirza, who was arrested from Rajasthan's Ajmer, according to an NDTV report.

The state police on Monday informed that Kashif Mirza was a class 11th student, who targeted social media users by luring victims with fake promises that they could make substantial profits. According to police , the teen was an "influencer" and had a huge number of followers on Instagram.

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The report said that the 19-year-old persuaded the victims to invest in the scheme by guaranteeing that they would earn ₹1,39,999 after 13 weeks on an investment of ₹99,999. "Initially, he provided some investors with the profit so that they get influenced and tell more people," NDTV quoted a police official as saying.

Police recovered various items from him, including a Hyundai Verna, a cash counting machine, phones and laptops. He has been sent to a two-day police remand.

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Before investing in any scheme, plan or policy, one must carry out proper research about the company or individual.
One must ensure the credibility of the institution through online and offline research.
Fraudsters usually lack transparency in their investment strategies and offer guaranteed returns. The trick is to identify the loopholes in the investment plans.

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Furthermore, one must check if the investment company and the individuals offering the investment schemes are properly regulated by relevant financial regulatory authorities.
One must not share passwords and leave any documents that contain access to financial data in an unsecured area.
Notably, banks don't send emails or text messages asking for personal information such as account and/or social security numbers. Thus, any imposter requesting for verification of account information in this manner must be propmptly alerted.

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