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Published 16:47 IST, November 30th 2024 Bengaluru techie loses Rs 91 lakh in stock market scam; fraudsters used fake apps, lured with profits. Zerodha CEO Kamath shares safety tips. Bengaluru: A 39-year-old software engineer, Ranjan (name changed), lost nearly Rs 91 lakh in a sophisticated stock market scam involving fake trading apps and promises of massive returns. The incident highlights the growing menace of financial frauds, as noted by Zerodha CEO Nithin Kamath, who shared preventive tips and expressed concerns about scammers leveraging artificial intelligence. How the Scam Unfolded The ordeal began when Ranjan (Name Changed) received a WhatsApp message offering stock market training and asking him to vote for fraudsters in a so-called "Global AI Smart Trading Competition." He was added to a Telegram group where a person named Chandra Takal, claiming to be a trading expert, provided guidance on trading strategies and directed him to download two apps. One app displayed investment and profit details, while the other, named Dwaai, facilitated transactions. Initially, Ranjan was lured with small profits of 5-10% on his trades. Convinced by the returns, he invested progressively larger amounts and even participated in IPOs under the Qualified Institutional Buyers (QIB) category, with promises of at least 50% profit on listing day. When Ranjan's investment reached ₹28 lakh, he was persuaded to borrow funds through a fraudulent banking app. His total investments eventually reached ₹91 lakh. The scammers then blocked his access to the app, claiming he needed to repay a ₹63 lakh loan before selling his "IPO stocks." Despite paying the demanded amount, further withdrawal attempts were blocked under the pretext of foreign transaction fees and Securities and Exchange Commission (SEC) regulations. Realizing he had been defrauded, Ranjan approached the police. Kamath’s Warnings and Tips Highlighting the rise of financial scams, Zerodha CEO Nithin Kamath stated, "The trend of these frauds is increasing. The past 9 months alone have had scams worth ₹11,000 crores! I dread to think what it will be like once the fraudsters use AI. 😔" Kamath advised users to safeguard their digital presence, suggesting, "Change the settings on your WhatsApp and Telegram so strangers can't add you to groups. Here's screenshots of the settings screen that show how to do it." Scammers’ Modus Operandi Scammers often lure victims by mimicking legitimate platforms. “You are asked to install fake trading apps that look exactly like those of major brokers. On the first couple of trades, you will make money. This is designed to convince you that you can make a lot of money,” Kamath explained. Legal Action Initiated The East CEN Crime Police have registered a case under the Information Technology Act and Bharatiya Nyaya Sanhita (BNS) Section 318 (cheating). Investigations are underway to trace the fraudsters and recover the lost funds. This case underscores the importance of verifying the authenticity of trading platforms and exercising caution in digital interactions to avoid falling victim to similar scams. Get Current Updates on India News , Entertainment News along with Latest News and Top Headlines from India and around the world. Updated 16:47 IST, November 30th 2024A melee broke out at midfield of Ohio Stadium after Michigan upset No. 2 Ohio State 13-10 on Saturday. After the Wolverines' fourth straight win in the series, players converged at the block "O" to plant its flag. The Ohio State players were in the south end zone singing their alma mater in front of the student section. When the Buckeyes saw the Wolverines' flag, they rushed toward the 50-yard line. Social media posts showed Michigan offensive lineman Raheem Anderson carrying the flag on a long pole to midfield, where the Wolverines were met by dozens of Ohio State players and fights broke out. Buckeyes defensive end Jack Sawyer was seen ripping the flag off the pole and taking the flag as he scuffled with several people trying to recover the flag. A statement from the Ohio State Police Department read: "Following the game, officers from multiple law enforcement agencies assisted in breaking up an on-field altercation. During the scuffle, multiple officers representing Ohio and Michigan deployed pepper spray. OSUPD is the lead agency for games and will continue to investigate." Michigan running back Kalel Mullings on FOX said: "For such a great game, you hate to see stuff like that after the game. It's bad for the sport, bad for college football. At the end of the day, some people got to learn how to lose, man. "You can't be fighting and stuff just because you lost the game. We had 60 minutes and four quarters to do all that fighting. Now people want to talk and fight. That's wrong. It's bad for the game. Classless, in my opinion. People got to be better." Once order was restored, officers cordoned the 50-yard line, using bicycles as barriers. Ohio State coach Ryan Day in his postgame press conference said he wasn't sure what happened. "I don't know all the details of it. But I know that these guys are looking to put a flag on our field and our guys weren't going to let that happen," he said. "I'll find out exactly what happened, but this is our field and certainly we're embarrassed at the fact we lost the game, but there's some prideful guys on our team that weren't just going to let that happen." The Big Ten has not yet released a statement on the incident. --Field Level MediaQuinn runs for 154 yards, 2 TDs to lead Texas Southern over Arkansas-Pine Bluff 31-23
Check out the report card from Nebraska's 44-25 win against Wisconsin on Saturday at Memorial Stadium. Who can name Nebraska's last 100-yard rusher in a game, before Emmett Johnson achieved the feat Saturday? Johnson ran like he had something to prove, repeatedly shedding the first Badger to get to him. His best run of the day may have been a 19-yard burst in the third quarter when he patiently followed pulling linemen Ben Scott and Henry Lutovsky. Dante Dowdell has a knack for the end zone, scoring three times. (Trivia answer: Chubba Purdy ... against Wisconsin last year). Dylan Raiola has his rhythm back. He spent most of the game hovering around a 70 percent completion rate, which is reminiscent of his first four or five games. The ball is getting out of his hands quicker, and those pitch-and-catches are finally going for big gains. One of his best throws of the day was originally ruled a touchdown on a fade ball to Isaiah Neyor, but replay confirmed he didn't get a foot down. Jahmal Banks had a great TD snag in which he leaped, snared the ball and got his toes down. John Bullock's second tackle for loss of the game stopped Wisconsin's Tawee Walker on fourth-and-1 midway through the third quarter, and it felt like an early dagger for the home team. Bullock was a standout on senior day. The Huskers had some open-field tackling issues but held their own on third- and fourth-down situations. Darrion Dupree was a nice change-of-pace option for the Badgers, averaging 7.5 yards on his seven attempts. Wisconsin found success early on slant passes, including one that went to Vinny Anthony for 42 yards after Isaac Gifford whiffed on a tackle. After that, Braedyn Locke was able to open it for deep balls, including touchdown tosses of 24 and 58 yards. Wisconsin's Vinny Anthony had a big day, racking up six catches for 128 yards and Locke threw for more yards than he has in his past five games. A cool moment for DeShon Singleton, who came down with an interception in his final game at Memorial Stadium. Brian Buschini is having a great season, and Saturday was another notch on his belt. First, he ripped a 52-yard punt that flipped field possession, and he followed that up with a 49-yard boot that went out of bounds at the Wisconsin 3-yard line. Equally as impressive was kicker John "ol' reliable" Hohl, who made all three of his field goals and stayed clean on extra points. Oh, and how about Jacory Barney's 55-yard kick return to open the game? NU's third phase is trending up after a turbulent stretch. A question we might not ever get an answer to: Why was Matt Rhule forced to use a challenge to review Wisconsin's first-quarter touchdown? Don't all scoring plays get reviewed automatically? In a similar situation later in the game, Wisconsin was spared from using a challenge for officials to take another look at a Nebraska touchdown, which was reversed. Also, the unsportsmanlike conduct penalty on Micah Mazzccua for spiking the ball on a touchdown felt unnecessary. Nebraska scored a touchdown on its first possession of a game for the first time since the Northern Iowa game. A true tone-setter. There's plenty to unpack from Holgorsen's play sheet — it's no coincidence it only took him two games to pop a 100-yard rusher. And, 44 points for a team that has scored 20 (twice), 17, 7 and 14 in its past five games. That'll do. For the first time in 49 days, Nebraska won a football game. That was a long 49 for everyone involved. This one is a little more cathartic than usual, too, as the Huskers finally wrapped their arms around a bowl berth. It also takes a big bite out of the pressure NU faces on Black Friday vs. Iowa, which is no longer a "must-win." Get local news delivered to your inbox!
