Nagpur: Racketeers operating the ”WMT share trading app” have defrauded thousands of people after luring then with promise of 60% or more profits in six days of investment. the investors got the first small amounts as returns, and buoyed by the initial returns started investing their amounts, which led to them losing crores, said Cops.  

The fraudsters had gained the confidence of gullible investors by showing a fake memorandum of understanding with the Government of India. the fraud group had a telegram channel with more than 48,000 subscribers across India.  

DCP, cyber cell an economic offence wing, Archit Chandak said that app may have syphoned off crowds from investors nationwide. “These fraud share trading apps cannot be downloaded from playstore or such authenticated sources. You have to click on links. This should be enough for the public to understand that they may be used by the fraudsters,” said Chandak.  

A similar news was published by the new Indian Express in June 2022 - Watch out for enticing web of bogus stock-trading platforms- The New Indian Express  

please avoid using any app related to financial transactions including stock trading apps which are not available on the play store or similar authenticated platforms.