Everything that glitters is not gold!

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“Engage in gold trading and become wealthy in weeks” . If you have seen an ad like this, beware; it could be a scam. Victims of such fraud include a renowned university professor who filed an FIR, detailing how he fell prey to the gold scam. The fraudsters extracted 42 lakh rupees from him, starting with an initial payment of 50,000 rupees. They exploited fluctuations in gold prices, manipulating people to invest more and increase profits.

In the guise of investing in gold, the names of two major jewellery brands were used. A fake website displayed pictures of Bollywood actresses and other celebrities, enticing people to invest. Messages were sent on Telegram and WhatsApp. When victims inquired about the scheme, the scammers posed as Gold Analysts working in the World Gold Council and said they are here to promote the online gold trading platform claimed that they have all the requisite permisions from World Gold Council, Indian government and the Maharashtra government. Several individuals, not just the professor, fell victim to this fraudulent gold trading scheme.

Sometimes stocks, sometimes gold, people are being deceived in the name of investment in some special schemes. Fake websites are being created extensively, which closely mimic genuine websites. They use celebrities’ images, testimonials with fantastic returns, and even reference to government or backing from big brands are guaranteed.

Another danger of such fake websites is that these can transit malware attacks on your device, stealing your personal details. In other words, fraudsters can hack into your device. The Digital Risks Trend 2023 report by security company Group-IB indicates a yearly rise of 304% in the number of scam websites in India.

So, how can you protect yourself? The easiest way to avoid is not to respond to anybody from new websites and dont answer unknown phone calls. To identify fake websites, you can check:

– Does the website provide the address, phone number, and postal address of the operator? If not, quickly realise that the website owner is hiding something. – Does the website have an SSL certificate? This security protocol ensures that the visitor’s private information is encrypted to prevent misuse. -You should Read reviews and ratings of the website. If these are not available, there is a chance that the website is fake.

In the gold trading scam, people have lost lakhs of rupees. The Delhi Police is investigating the matter. However, people get trapped in gold-related frauds because in India, gold is considered as the best investment. If you still want to invest in gold, lets find out from an expert which is the best way to invest in the yellow metal.

According to Kedia Advisory, Director, Ajay Kedia, Sovereign Gold Bonds, Gold ETFs and Gold Mutual Funds are considered suitable for retail investors. These are low-risk, regulated, and offer good returns on long-term investment.

In the desire to earn handsome returns on gold, people have become victims of scams like gold trading. Think not once but 100 times before making a payment on an unknown website or after you get a message on WhatsApp or Telegram. Because! everything that glitters is not gold! Before you trust such offers of lucrative returns, gather ample information about and cross-check from different sources. If a jewelry brand name is being used, visit the company’s website. Call the customer care number to enquire about the trading scheme.