Pune Man Loses Rs 1.2 Crore in Online Trading Fraud, Cybercrime Probe Underway

Bhawani Peth, 18th May 2024: A 55-year-old supplier of gift items residing in Bhawani Peth fell victim to an online share trading scam, losing a staggering sum of Rs 1.2 crore between February 1 and April 2 this year.
The victim lodged a formal complaint with the city’s cybercrime police on Thursday, detailing how he was ensnared by the fraudulent scheme.

According to Senior Inspector Suresh Shinde, the victim initially encountered a link on a social media platform promising lucrative returns through online share trading.

“The perpetrators directed him to join a messaging application where discussions revolved around high returns on share trading. Intrigued by the prospect of investment, the victim was instructed to download an application purportedly facilitating share trading and investment,” Shinde explained.

Subsequently, the fraudsters persuaded the victim to transfer funds to various bank accounts, including those belonging to his family members, under the guise of investment. Despite complying with their demands through nine separate transactions, the victim never received the promised returns. The scammers abruptly cut off all communication with him.

Initially hesitant to report the incident, the victim refrained from filing a complaint as the application displayed details of his invested amount and projected returns. However, he soon realized that accessing the invested funds was impossible.

In response to the complaint, authorities have frozen a bank account containing Rs 4 lakh located in Navi Mumbai, believed to be linked to the fraudsters. An FIR pertaining to cheating has been registered with the cybercrime police.

“We have initiated inquiries with the social media platform, the bank, and the online share trading application to gather information regarding the communication and transactions involved. Further actions will be taken accordingly,” Shinde assured.