A young software professional from Pune's bustling IT hub of Hinjewadi has become the latest victim of a sophisticated cryptocurrency investment scam, losing a staggering sum of Rs 34 lakh to fraudsters who lured him with promises of unrealistically high returns.
The Lucrative Trap of Guaranteed Returns
The incident came to light when the 30-year-old victim approached the Hinjewadi police station and filed a formal complaint on Saturday. According to the police, the entire fraudulent episode unfolded over a period of just two weeks in October this year.
The trap was set on October 18, when the software engineer received an unsolicited call from an unknown mobile number. The person on the other end claimed to represent a firm that specialized in cryptocurrency investments and offered an astonishing guaranteed return of 40% on the invested capital.
How the Scammers Built Trust Before the Big Heist
In a classic 'pig butchering' scam tactic, the fraudsters initially asked the victim to transfer small amounts of money to provided bank accounts. To gain his complete confidence, they promptly transferred back the promised 'profits' on these trial investments.
"The victim initially transferred small amounts. The crooks transferred his profit amount to him immediately and gained his confidence," explained an officer from the Hinjewadi police station. This act of showing quick returns completely lowered the engineer's guard.
Emboldened by the early success, the victim began investing larger sums whenever the fraudsters demanded more capital. This continued until October 30, by which time he had transferred a total of Rs 34 lakh to various bank accounts provided by the scam network.
The Unraveling of the Scheme and Police Action
The victim's suspicion was finally aroused when the fraudsters, after receiving the large sum, continued to press for more money without returning either the promised profits or the principal investment amount. Realizing he had been duped, the software engineer then approached the specialized Pimpri Chinchwad cyber police for assistance before filing the complaint at his local police station.
"Following preliminary inquiries, a case has been registered, and further investigation is underway," the investigating officer stated. The police are now examining the bank account details and transaction trails to identify the culprits behind this elaborate cyber fraud.
This case highlights the growing menace of investment scams, particularly in the volatile and less-regulated domain of cryptocurrency. Experts consistently warn investors to be extremely wary of any scheme or individual promising guaranteed, high returns with little to no risk. The Pune police have reiterated the need for public awareness and caution against sharing personal financial details or transferring money to unverified entities based on unsolicited calls or messages.
