Scammer is known to use genuine IPO to scam punters who use clone trading app.

Give details boss...

Don't understand what or which apps

Scammer impersonate m@@m@@ employee, entice punters to download a clone app and join orchestrated chat group. Initially, they allowed punters to make money and withdraw. Then they encouraged punters to subscribe for ipo and allocated punters substantial amounts of IPO. If punters hesitate to subscribe the full amount, members of chat group would encourage him. After ipo price rise, punters wanted to withdraw, scammer asked for profit sharing, tax and more cash deposit to prove not illicit money.

Scammer told punters to pay into different bank accounts.

This post has been edited by icemanfx: May 12 2025, 09:15 AM

in the first place, people shouldn't be using cloned trading apps.

i encountered many myself. they even have live teachings at night. joined for their stock picks but never downloaded their app. i'm not that stupid.

Those downloaded cloned app didn't know is cloned.

Live teaching is often legitimate from genuine stock brokers.

I have seen a few such share trading groups. everyone in the gropy seems to be making money . I can smell a scam miles away :-)

Then there's this investment Whatsapp group...

Sharing all their profits but actually it's all from same scammer group of people....

Many lost their $$$ in this way too...