Pune Cyber Police Probe Massive Rs 22 Crore Online Trading Scam
The Pune Cyber Police have launched a major investigation into what they describe as the city's largest cyber fraud case to date. An 85-year-old retired entrepreneur from Hadapsar lost a staggering Rs 22.03 crore in an elaborate online share-trading scam that unfolded between October last year and January 12 this year.
How the Fraud Unfolded
Senior Inspector Swapnali Shinde of the Pune Cyber Police revealed disturbing details about the case. "In a little over three months, the elderly victim transferred money to 150 different accounts," she explained. "Most of these were mule accounts spread across seven banks in Noida, Kolkata, Bengaluru and other cities."
The retired businessman exhausted all his savings from selling movable and immovable properties after closing his company several years ago. His son and daughter-in-law, both software engineers working at different IT companies in Pune, remained unaware of his investments throughout the entire period.
Sophisticated Criminal Operation
The cyber criminals employed multiple tools to execute their scheme:
- 26 different cellphone numbers, including an internet-based phone number
- Three web links designed to appear legitimate
- A bogus mobile application for online share-trading
This represents the largest financial cyber fraud ever recorded by the Pune Cyber Police in terms of money involved. For comparison, in January 2023, the police arrested nine individuals for siphoning Rs 15.3 crore from a Pune-based non-banking financial company.
Warning Signs Ignored
Senior Inspector Shinde noted several missed opportunities to prevent the massive losses. "The elderly man did not inform his family about the online trading scheme," she said. "Moreover, he ignored multiple emails and messages from his bank flagging the high-value transfers as suspicious."
The bank had specifically cautioned him about verifying the accounts where he was transferring money, terming the transactions suspicious on several occasions.
Legal Action Initiated
Additional Commissioner of Police (Crime) Pankaj Deshmukh confirmed that authorities have registered a comprehensive case based on the victim's complaint. The charges include:
- Cheating
- Criminal breach of trust
- Cheating by personation and common intention under Bharatiya Nyaya Sanhita provisions
- Cheating by personation using computer resource or communication device under Section 66-D of the Information Technology Act
The Trap That Ensnared the Victim
According to the complaint, the fraud began in October last year when criminals randomly added the victim's phone number to a messaging application group of "investors." The group name closely resembled that of a legitimate share broking firm.
"The victim went through messages shared by group members discussing high profits from their investments," Senior Inspector Shinde explained. "He fell for the trap and contacted the group administrator to express interest in online share-trading investments."
The criminals then sent him a link to download what appeared to be a legitimate trading application. After downloading it, the victim began buying shares. The fraudsters then contacted him directly, encouraging him to purchase high-value shares for better profits.
"They promised to buy shares for him, with the transactions reflecting on his trading application," Shinde stated. "The victim trusted them completely, and the suspects kept sharing different bank account numbers for money transfers."
Discovery and Police Involvement
The fraud came to light only recently when the victim mentioned his online share trading investments during a conversation with his son. The son grew suspicious and immediately checked the bank details.
Upon realizing the extent of the fraud, the family approached the Cyber Police, who have now launched a full-scale investigation into what stands as Pune's most substantial cyber fraud case to date.
