Gurugram Cyber Cell alerts users about 10 apps to avoid using

Amidst the prevailing frenzy for investing in stocks via apps, the Gurugram cyber cell has labeled ten applications as fraudulent and issued a warning against them.

The cyber cell has brought attention to the fact that these applications are being utilized to defraud consumers under the guise of stock market investment. Additionally, it is claimed that the authorities have been contacted in hundreds of cases about these applications, which allegedly tricked users with promises of easy money.

The fraudsters behind these applications, according to the police, have also created phony demat accounts—dematerialized accounts that are used to trade shares in the stock market and keep financial instruments digitally—in an effort to gain the confidence of the victims.

“Everyone wants to invest in stocks these days, and the best and easiest way to do so is through apps,” a police officer stated.

“Many fake applications have been created, mapping the success, popularity, and people’s trust on genuine applications.” To win over users, the people behind these phony applications have even created fictitious demat accounts. The police said, “We have received a lot of complaints and have so far identified ten apps that are being used in cyber frauds.”

Ve pro, Anglebg, Anglone, MGBWNFMI, Vikinginvest, Khakhla, Levelk, Upstok, Wells Capital Trade, and DNP Agency are among the alleged applications.

According to reports from the police investigation, these applications may be downloaded on both Android and iPhone cellphones via the Google Play Store.

Via these applications, scammers are also luring and tricking victims with artificial intelligence. The warning has cautioned investors against downloading applications that promise big profits and to always double-check the legitimacy of a platform before utilizing it online.

“You should be wary of investing programs that make extravagant returns claims since they are probably fraudulent and help other people commit fraud. Even investments with very little risk should be handled carefully. Before installing any app, investors should confirm the legitimacy of the company behind it and that it is registered,” the advise said.