[ Indu Chukhu ]
ITANAGAR, 21 Aug: The Yby online money trading platform, which gained significant popularity in Arunachal Pradesh over the past year, has abruptly shut down as of 12 August. Users report that the app, which was initially profitable for many, has become non-functional and inaccessible.
Yby was marketed as a trading app allowing users to invest small amounts of money and earn profits. According to information updated on 14 July 2024, the platform is identified as fraudulent, and users are advised to avoid it. The app was not available for direct download from the Google Play Store; instead, it was accessed via a link provided by someone who introduced the app to new users.
Several individuals shared their experience:
A user who joined in May 2024 made significant profits, including a return of Rs. 400,000 from an initial investment of Rs. 6,000. However, subsequent investments did not yield profits after the app’s shutdown.
Another user who began in July reported making some profit but could not withdraw the invested amount after the app’s closure.
Issues and Concerns:
Transactions on the app were processed under different user or account names, causing confusion among users.
Affected users include a wide range of people, from drivers and tea sellers to individuals with higher incomes, indicating the app’s widespread appeal.
Users who invested in July have been particularly hard hit, with many unable to withdraw their money despite having a balance of Rs. 30,000 to Rs. 40,000. It is also informed that many Yby users had earlier owned vehicles for themselves from the amount.
This situation highlights the risks associated with online investment platforms and underscores the need for caution and verification before investing in such schemes. Based on a whatsapp message of a Yby account holder, an account name with Henry, indicating as the Communicating Head sends all the updates, which has a phone number +85265117965. It provides a limited trading signal and can only be traded once during the period. It also suggests not trying trading by own during non trading signals, luring people by telling them that the platform guarantees at least 6 profits per week. A Yby Fund App review on the internet says, “I would not recommend you invest your time and money in the Yby Fund App. This is complete fraud and a fake app.”
Another trading platform such as BXIN has come out; people who were duped by Yby have joined BXIN, in a quest for making extra money. It says, one needs to deposit 600 rupees and has to have at least 20 down lines, those who have taken the BXIN plan from a certain account holder. On reaching 20 people, the BXIN account holder will start getting money starting from 600 rupees a day to 1200 rupees a day. Users switching from Yby to BXIN say, “it is reasonable than Yby, even if one loses, the amount lost is still bearable and since it is a new app, there is a less chance for the scheme to be duped.” “Our intention should only be to make profit, leaving others,” said a user. Another trading platform called the KYO launched on 8 August is also attracting many people especially, here in the capital region. In KYO, the opening amount starts from 1000 rupees.
Based on the survey made on these money trading platforms, it is learnt that one cannot directly download it from a Google play store or an App store but will be downloaded with the help of a link that is being sent in a phone number.
Assistant professor in the department of commerce at the Himalayan University, Itanagar, Dumo Lollen says, “Individuals are lured into such financial scams, some precaution should be taken. People are often lured into such financial scams mostly due to FOMO (Fear of missing out) after watching other people making money.”
He said, “One should understand different financial instruments which are offered by registered finance companies like banks, mutual funds & insurances. Such scams often involve high returns at short periods of time; such cases should be seen as an early sign of potential fraud.”
He suggested that one should check whether the company is registered under any Indian Regulatory bodies such as Securities and Exchange Board of India (SEBI). “People should check the background of the scheme provider by verifying the investment license of the scheme provider. It should also be avoided in a situation when the introducer of a scheme pressurizes the individual to include more people so as to earn a commission or bonus,” Lollen said.
Many scams have taken place here in the past, such as the famous Rose Valley Scheme, which started from Rs. 90 per month for a period of 5 years. After giving the maturity amount to some individuals, the company office, which was located in Naharlagun adjacent to the National Cinema hall has since disappeared. The Rose Valley financial scandal or simply Rose Valley Chit Fund Scam was a major financial scam and alleged political scandal in India caused by the collapse of a Ponzi scheme run by Rose Valley Group.
There are many other scams that are still prevailing through online platforms especially, here in the state.
