Pune: Two Kothrud Residents Lose Rs 57 Lakh in Online Share Trading Scams
Kothrud, 15th March 2025: Two senior citizens from Kothrud have fallen prey to separate online share trading frauds, collectively losing ₹57 lakh between October 2023 and January 2024. The victims, a 73-year-old retired private sector employee and a 61-year-old ex-serviceman, lodged formal complaints with the Kothrud Police on Wednesday following the verification of their cases.
Case 1: Retiree Loses ₹39 Lakh to Fake Investment Banker
In the first case, a 73-year-old man was targeted by a fraudster posing as a representative of a reputed investment banking firm. The scam began in October 2023 when the victim was approached online with promises of high returns on stock and IPO investments.
“Over the course of two months, the retiree transferred a total of ₹38.8 lakh to multiple bank accounts. However, when he attempted to withdraw his earnings, he was asked to pay an additional ₹12 lakh as taxes. When he refused, the fraudsters cut off all contact,” said an officer from Kothrud Police Station.
After realizing he had been scammed, the victim initially approached the cyber police with a complaint application. Following a preliminary investigation, a formal FIR was registered.
Case 2: Ex-Serviceman Duped of ₹19 Lakh in Stock Market Fraud
In a separate incident, a 61-year-old former serviceman was lured into an online stock trading scam between December 2023 and January 2024. Believing he was investing in legitimate shares, he transferred ₹19 lakh to accounts provided by the fraudsters. By the time he realized he had been deceived, the money was gone.
Both cases highlight the rising threat of online financial fraud, particularly targeting senior citizens and those looking to invest in stock markets.
Police Investigation Underway
“We are currently tracking the money trail and coordinating with banks to identify the perpetrators. People must remain cautious while dealing with investment offers from unknown sources, especially those promising unrealistic returns,” said the investigating officer.
The police have urged citizens to verify investment platforms thoroughly and report suspicious activities to prevent further fraud cases.
