One of the biggest cyber crimes in Pune: Threatened with property seizure by scammers, elderly doctor loses Rs 12.3 crore in share trading fraud

In this group, fraudsters posing as administrators and other members were continuously posting messages about “large profits” they were earning on their investments. After showing interest, the complainant was made to log into a phoney investment platform which had the name deceptively similar to that of another global financial major. On this app, the complainant was made to share his personal and financial details before he could start investing. The complainant was being given one after the other mule account details where he was directed to send money. These transfers were getting reflected as investments on the phoney app along with corresponding gains.

Between March 7 and March 18, the complainant was manipulated and also coerced into making eight large transfers totalling Rs 12.31 crore. After a few initial transfers, when the complainant showed reluctance to invest further, he was threatened that his properties would be seized forcing him to keep sending money. After sending Rs 12.31 crore, his corresponding profits were displayed as Rs 54 crore. As he requested withdrawal of funds and profits, he was threatened again. It was at this point that he realised that he had been cheated. A probe in this case has been launched by a team from cyber crime police station of Pune City. This is one of the largest cyber frauds registered in the city.

In a case registered in January, an 85-year-old retired industrial consultant, who had been ailing for six months, lost a staggering Rs 22 crore in a share trading fraud. The victim was made to believe that his earnings against the ‘investment’ were around Rs 45 crore.

For more than two and half years now, the Pune and Pimpri Chinchwad police have reported what their cyber investigators have called an epidemic, a worrying surge in online share trading fraud cases. Fraudsters employ a variety of baits, including trading tips, virtual lectures, mobile applications, and enticing promises of exorbitant returns. Officials have also expressed concerns over citizens continuing to fall prey to these scams in spite of several advistories, sensitisation campaigns and wide media coverage in this regard.