(MENAFN– Live Mint) Rajasthan Police recently broke a fake investment scheme by a social adolescent MEDIA influential. The impostor fraudulently duped over 200 people to the tune of around ₹42 lakh through a bogus investment scheme. The 19-year-old fraudster has been identified as Kashif Mirza, who was arrested from Ajmer in Rajasthan, according to an NDTV report.

The state police on Monday informed that Kashif Mirza was a class 11 student who targeted social media users by luring casualty with false promises that they could make substantial profits. According to the police, the teenager was an “influencer” and had a large number of followers on Instagram.

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The report said the 19-year-old convinced the victims to invest in the scheme, guaranteeing that they would earn ₹1,39,999 after 13 weeks on an investment of ₹99,999. “Initially, he offered some investors profit so that they would be influenced and tell more people,” NDTV quoted a police official as saying.

Police recovered various items from him, including a Hyundai Verna, a cash counting machine, phones and laptops. He was remanded in custody for two days.

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Before investing in any scheme, plan or policy, you should do proper research about the company or individual.

The credibility of the institution must be ensured through online and offline research.

Fraudsters usually lack transparency in their investment strategies and offer guaranteed returns. The trick is to spot the gaps in your investment plans.

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In addition, you should check that the investment company and persons offering investment schemes are properly regulated by the relevant financial regulatory authorities.

You must not share passwords and leave any documents containing access to financial data in an unsecured area.

In particular, banks do not send emails or text messages that ask for personal information such as account and/or social security numbers. Thus, any impostor who requests verification of account information in this manner should be promptly alerted.