Online trading scam: Retired mechanical engineer in Pune loses life savings of Rs 4 crore

The police said the fraudsters contacted the victim in October 2023 over the phone with an online share trading offer. They allegedly assured him of huge returns on investments in online share trading.

The police said the fraudsters gained his trust by interacting with him multiple times. As per their instructions, the victim transferred Rs 3,95,85,204 from his bank account to various other bank accounts till December 9, 2023, the police added. But when he did not get the assured returns, he realised he had been cheated and approached the police.

Based on his complaint, the police booked the people operating a WhatsApp group ‘VIP13’, along with people identifying themselves as ‘Zani Azim’ and ‘tutor Amit’, and others under sections 419 (cheats by personation), 420 (cheating and dishonestly inducing delivery of property), 34 (common intention) of the Indian Penal Code and sections of the Information Technology Act.

The police are investigating the mobile phone numbers and bank accounts the accused used to contact and cheat the victim.