Pune Senior Defrauded of Rs 1.5 Crore in Elaborate Online Trading Scam
A 75-year-old retired manager from Kharadi, Pune, has fallen victim to a sophisticated cybercrime, losing a staggering Rs 1.5 crore between July and October last year. The fraudsters enticed him with promises of lucrative returns through online share-trading, leading to a formal complaint filed with the Pune cybercrime police in January. After thorough verification, an FIR was officially registered on Wednesday, marking a significant step in the investigation.
How the Scam Unfolded: From Messaging Groups to Fake Apps
According to police officials, the suspects initiated contact by adding the victim's cellphone number to a group on a popular messaging application. This group was meticulously curated, with members frequently expressing gratitude to the administrator for providing profitable trading tips. Impressed by these orchestrated messages, the victim, without consulting any family members, reached out to the group admin directly.
The officer from the Pune Cybercrime police detailed the sequence: "The admin instructed him to download a specific cellphone application for share-trading. Initially, the crooks guided him to purchase low-value shares through this app. As he complied, they gradually advised him to invest in high-value shares or Initial Public Offerings (IPOs) with their expert assistance."
The Deceptive Investment Process and False Returns
The fraudsters provided details of seven different bank accounts, prompting the retired manager to transfer a total of Rs 1.5 crore across approximately 300 transactions. He operated under the belief that these funds were being used to purchase high-value shares on his behalf. To maintain the illusion, the trading application on his cellphone began displaying remarkably high returns, reportedly exceeding 80%.
The situation took a critical turn when the victim noticed his investments showing a paper profit of over Rs 3 crore. Encouraged by this apparent success, he decided to sell the shares. However, the suspects blocked all attempts to withdraw or sell, abruptly revealing the scam. It was at this moment that the victim realized he had been systematically cheated, with no actual investments made.
Police Response and Ongoing Investigation
The Pune cybercrime police have registered the FIR and are actively investigating the case. Authorities emphasize the growing prevalence of such online financial frauds, particularly targeting elderly individuals. They advise the public to exercise extreme caution with unsolicited investment offers and to verify the legitimacy of trading platforms through official channels.
This incident underscores the urgent need for heightened awareness and robust cybersecurity measures to protect vulnerable citizens from increasingly sophisticated cybercriminals.
