The modern media’s prominent display of a luxurious and glamorous lifestyle has left state children, especially those in Himachal Pradesh, open to fake trade and investment applications as well as cybercriminals.
The increase in cybercrimes in the state indicates that young people are increasingly falling for these schemes, which defraud them of their money and leave them emotionally and financially damaged.
The majority of young people who use trading and investment options either use their own funds or borrow money from friends and family.
According to the Himachal Pradesh Police’s cybercrime division, during the first seven months of this year, cybercriminals defrauded the state out of over Rs 44 crore, and the state receives about 260 reports of cybercrimes every day.
According to a Shimla college student, he used to trade cryptocurrencies using an app that required a minimum deposit of Rs 6,000. “At first, my daily earnings ranged from Rs 300 to Rs 500. But when I attempted to withdraw the money a few weeks later, I was unsuccessful. In addition, the application stopped working after a while. I had stolen the money from my parents; therefore, it was an extremely terrible event.
The National Stock Exchange (NSE) reports that between January 2022 and May 2024, over 3.1 lakh investors—mostly young people from Himachal Pradesh—registered with the NSE. This demonstrates the public’s increased interest in trading and investing, particularly among young people.
The NSE reports that there are around 5.7 lakh retail investors from Himachal Pradesh who are registered. Of them, as of May 31, 42% of the investors overall are under the age of thirty. In comparison, 15% of all retail investors are between the ages of 40 and 49, while 33% of investors are between the ages of 30 and 39.
Just 6% of retail investors are between the ages of 50 and 59. The age group of 60 years and older has the lowest percentage of retail investors (4%). This indicates that older adults have less interest in trading and investing than younger adults do.
According to Mohit Chawla, the Deputy Inspector General (DIG) for Cybercrime, the majority of financial scams, particularly those involving trading in the Forex and share markets, happen because the perpetrators typically entice their victims with the promise of huge earnings on their investments. When people see the prospect of making a significant profit and double their investment, they fall victim to scammers and lose money.
According to him, social media pages and pseudo-Telegram channels that offer financial guidance and tips are used by scammers. These platforms and channels are fake, and people should avoid them. Additionally, they frequently keep an eye on users’ social media activity and entice them with ads that promise big rewards.
The DIG cautioned the public against downloading strange apps and clicking on any unexpected links. Additionally, he urged the public to call the cyber cell’s helpline at 1930 in order to report any instances of cyber fraud as soon as they occur.
‘Tread with caution’
According to the state police’s cybercrime division, in the first seven months of this year, cybercriminals defrauded about Rs 44 crore, and 250 new complaints about cybercrimes were received every day. Scammers frequently use the promise of huge returns on their investments to entice their victims. It is recommended that users avoid downloading unknown software and clicking on any suspicious links. Scammers utilize phony Telegram channels and social media pages to deceive people by pretending to provide financial guidance and tips. People should avoid these channels and pages.
Also read: DORA (Digital Operational Resilience Act) Batch 2 Changes and Expectations from BFSI sector
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