Online Investment Scams Hit Pune Residents: Wholesaler and Doctor Lose Rs 74 Lakhs
Pune, 2nd February 2024: Two individuals, a sports shoes wholesaler from Charholi and a doctor from Tathawade, have reported significant financial losses amounting to Rs 51.5 lakh and Rs 22 lakh, respectively, in separate online investment frauds related to shares.
In both cases, the fraudsters enticed the victims with promises of exceptionally high returns on their investments in shares and Initial Public Offerings (IPOs), according to the police. Cheating cases have been registered with the Dighi and Wakad police stations.
Senior Inspector Machhindra Pandit of the Dighi police revealed that the 30-year-old wholesaler engaged with a US-based stock company online in November last year. “The company’s executive offered him 350% returns for investing in the Indian stock market through them,” explained Pandit. The victim was added to a mobile messenger app group, and a virtual account was opened for him to track his investments and profits.
Between November and January 17, the complainant continued to invest amounts, believing everything was in order as he received regular updates. However, suspicions arose when he couldn’t withdraw his funds, leading him to realize he had been duped. The victim promptly approached the police station and filed a complaint.
In the Wakad case, a 37-year-old medical practitioner connected with a stock firm through a social media platform. “The complainant was instructed to download a mobile application and invest through it,” said an officer from the Wakad police. Between December 7 and 24, the doctor transferred Rs 21.98 lakh to different bank accounts. When attempting to withdraw his funds, he was asked to pay 30% of his profits. Realizing the deception, the doctor filed an online complaint application, and a case was registered on Wednesday.
