A private insurance firm officer in Pune fell victim to a sophisticated online share trading fraud, losing a staggering Rs 21.6 lakh. The Phursungi police officially registered the case on Monday, launching an investigation into the elaborate scam.
How the Fraud Unfolded
The 37-year-old victim first encountered the fraudsters in November last year. They added him to an investors' group on a popular mobile messaging application. Within this group, the perpetrators made extravagant promises, guaranteeing a 300% profit on stock market investments.
The Trap is Set
To facilitate the supposed trading, the criminals instructed the victim to download a specific application. This app, they claimed, would allow him to trade shares and monitor his growing profits in real-time. Trusting their assurances, the officer began transferring money.
Between November and December 2023, he transferred a total of Rs 21.6 lakh. The funds were sent to multiple bank accounts provided by the fraudsters. The transactions seemed legitimate at first, part of the promised investment process.
The Scam Intensifies
After receiving the substantial sum, the crooks escalated their scheme. They informed the victim that an Initial Public Offering (IPO) worth Rs 14 lakh had been allotted to him. They then began pressuring him intensely to transfer this additional amount.
When the officer finally attempted to withdraw his original investment, the fraudsters presented a new condition. They stated he must first purchase the offered IPO to access his money. This contradictory demand raised immediate red flags.
Realization and Police Action
At this point, the victim clearly realized he was being duped. He immediately approached the Phursungi police station to file a formal complaint. A police officer involved in the case provided details of the investigation.
"We have registered the case and are pursuing all leads," the officer stated. "Our first step has been to request complete transaction details from the victim's bank. This will help us trace the money flow and identify the accounts involved."
The police are now analyzing the digital trail, including the messaging app group and the trading application used in the fraud. They urge the public to exercise extreme caution with unsolicited investment offers, especially those promising unrealistically high returns.
