Pune: IT Manager Loses Rs 95 Lakh in Online Share Trading Scam

Cyber Fraud
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Pune, 26th May 2024: A 48-year-old delivery manager at an IT company was defrauded of Rs 95 lakh in an online share trading scam that occurred between February 5 and May 24. 

The victim, a resident of Magarpatta in Hadapsar, filed a complaint which led to an FIR being registered with the city’s cybercrime police on Friday after verification.

According to the complaint, the victim received a link on a social media site, directing him to join a stock market group. The group members claimed to provide share trading training in exchange for 30 percent of the profits.

A police official explained that once the victim expressed interest in purchasing shares, he was instructed to download a mobile application that displayed investment details and shares on a virtual platform.

The fraudsters then contacted the victim, enticing him to invest by offering discounts on shares, promising that he could buy them in large quantities at cheap rates. Trusting these claims, the victim transferred Rs 95 lakh into 13 different bank accounts provided by the scammers.

However, the victim realized he had been cheated when he received no returns and the fraudsters abruptly terminated all communications.

A case of cheating has been registered under the relevant sections of the Indian Penal Code and the Information Technology Act.

This incident follows a similar case in May, where a man from Pashan lost Rs 1 crore in an online trading fraud.