Pune Retiree Defrauded of Life Savings in Elaborate Cyber Scheme
A 78-year-old retired bank manager from Pune has become the latest victim of an elaborate cyber fraud scheme, losing a staggering Rs 1.68 crore to criminals who used a fake global competition as bait. The incident has exposed a new modus operandi being employed by cyber criminals targeting experienced investors.
The Elaborate Scam Unfolded
The victim, a resident of Kothrud who had retired as a senior manager from a public sector bank, had been actively trading on a legitimate share trading platform. The trouble began earlier this year when he clicked on a suspicious link that eventually connected him to fraudsters posing as executives from a finance company.
According to the First Information Report (FIR) registered at the Cyber Crime police station of Pune City, the scammers presented an elaborate story about their company head participating in a global competition on economic excellence. They claimed the competition featured participants from several developed countries including the United States, United Kingdom, Switzerland, Canada, Australia, Germany, and Japan.
The fraudsters cleverly designed a fictitious voting process, telling the senior citizen that the $50,000 prize money would be distributed among voters who supported their candidate. This created a false sense of involvement and trust in the scheme.
The Transition to Fraudulent Platform
After the staged voting process concluded with their 'company head' winning the competition, the complainant received his share of the prize money - Rs 13,000 - which he was instructed to invest on their 'promising platform.' This marked the critical turning point where the victim was manipulated into moving from his legitimate trading platform to the fraudulent one controlled by the scammers.
Over the next month, the fraudsters provided the retired bank manager with what appeared to be profitable share trading tips. They systematically manipulated him into making 23 large transfers to various mule accounts, ultimately siphoning off Rs 1.68 crore from his savings.
The Shocking Revelation
The elaborate deception reached its peak when the fraudulent application displayed his purported earnings as an astonishing Rs 13.89 crore. However, when he attempted to withdraw these 'earnings,' the scammers demanded an additional Rs 76 lakh as tax payment.
It was at this moment that the retired bank manager realized he had fallen victim to an elaborate cyber fraud scheme. He immediately approached the Cyber Crime police station in Pune City to file an official complaint.
New Pattern in Cyber Crimes
Cyber crime officials have identified this as a new pattern in financial frauds targeting investors. "The new trick involves presenting victims with a seemingly legitimate international contest, complete with staged voting links, fabricated participant lists from multiple countries, and fake prize announcements to create a sense of authenticity," explained a investigating officer.
The officer further elaborated that "by exploiting trust and curiosity, the fraudsters convince victims that they are part of an exclusive financial opportunity, ultimately leading them to migrate from genuine trading platforms to manipulated, fraudulent ones designed to siphon off their money."
Authorities have confirmed that multiple cases using this same modus operandi are being reported across different regions, indicating this is not an isolated incident but rather an organized cyber crime strategy.
The case highlights the growing sophistication of cyber criminals who are now targeting even financially literate individuals with carefully crafted psychological manipulation techniques. Police have launched a comprehensive investigation into the matter and are tracking the money trail through the multiple accounts used in the fraud.
