Pune Doctor Defrauded of Rs 12.31 Crore in Massive Online Share-Trading Scam
A 75-year-old general physician from Hadapsar, Pune, has fallen victim to a devastating cyber fraud, losing a staggering Rs 12.31 crore between January 30 and March 20. The scam, which unfolded over just 39 days, involved promises of 8-10% returns within a few months on investments in online share-trading. According to police reports, the doctor, whose son is also a prominent medical professional, transferred sums ranging from Rs 30 lakh to Rs 3 crore to fraudsters, making this the second-largest cyber fraud case in Pune this year in terms of monetary value.
How the Scam Unfolded
Senior inspector Swapnali Shinde of the Pune Cyber Police detailed the case, explaining that the general physician's cellphone was added to a group on a messaging application. In this group, members discussed high returns generated from online share-trading based on tips from the group admin. Impressed by the profits shared, the doctor contacted the admin and expressed interest in investing.
The suspect then sent a link to an online mobile application for buying and selling shares. The doctor downloaded the app and began trading but failed to achieve the promised high profits. The group admin subsequently advised him to purchase high-value shares, offering assistance in the process. This led to the doctor transferring money directly to the fraudster, who provided details of eight different bank accounts for the transactions.
The Deceptive Profit Display and Realization of Fraud
After transferring the collective sum of Rs 12.31 crore, the share-trading application displayed a purported profit of Rs 54 crore for the doctor. However, when he attempted to sell the shares to realize this profit, the fraudsters continuously demanded more money. It was at this point that the victim realized he had been cheated, prompting him to file a complaint with the authorities.
Similar Cases Highlight Growing Cyber Fraud Trend
This incident is not isolated. Earlier this year, an 85-year-old retired entrepreneur from Hadapsar was cheated of Rs 22.03 crore between October last year and January 12 in a similar online share-trading scam, marking the largest such fraud in Pune recently. Additionally, a 44-year-old real estate agent from Hadapsar reported losing Rs 91 lakh between December last year and January this year after being lured into a messaging group promising handsome returns on share investments.
In that case, the agent was instructed to download a trading app and transfer funds to about 12 bank accounts shared by the group admin. These repeated incidents underscore a troubling trend of cybercriminals targeting individuals with promises of quick wealth through online trading platforms.
Police Warnings and Preventive Measures
Authorities are urging the public to exercise extreme caution when engaging in online investments, especially through unsolicited messaging groups or unverified applications. Key advice includes verifying the legitimacy of trading platforms, avoiding transfers to unknown bank accounts, and reporting suspicious activities immediately to cyber police. The Pune Cyber Police continue to investigate these cases, emphasizing the need for heightened awareness to prevent further financial losses in the community.
