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Journalism of Courage
A 53-year-old Indian Air Force (IAF) veteran lost Rs 97 lakh in a share trading fraud, in which he was pressured into taking loans of Rs 55 lakh to continue making payments. The veteran was made to log on to a fraudulent share trading app, where his purported earnings were shown as Rs 4.4 crore.
An FIR was registered by the Pune resident, who has retired from the IAF. Earlier this year, the complainant was manipulated into making 18 large transfers to mule accounts over a period of 40 days during which he was made to believe that he was investing in a trusted share trading platform, when in fact he was being conned by cyber fraudsters posing as share trading experts.
A few weeks ago, after clicking a link in an advertisement of a share trading platform, the complainant was added to a WhatsApp group and was sent the link to download a share trading app. In this app he was asked to submit his personal and financial details. Later, cyber fraudsters present in the group and posing as its administrators and stock market experts, started giving the complainant what they claimed were share trading tips. The fraudster started giving him fake share investment input and along with it an account number to send the money to. Every transaction done by the complainant was reflecting on the fraudulent app along with a very high corresponding return. These fake returns, which were in multifolds of the money sent, kept luring him to send more and more money.
At a point, when the complainant had exhausted a large chunk of his savings, the fraudsters posing as experts told him that there was an investment opportunity in an Initial Public Offering (IPO). When he told them that he had exhausted his funds, the fraudsters manipulated and pressured him into taking loans saying he would lose his earnings. He was made to take a personal loan of Rs 30 lakh and another gold loan of Rs 25 lakh after which he continued making payments to mule accounts.
Probe revealed that these mule accounts were located at Satara in Maharashtra, Kolkata and 24 Parganas in West Bengal, Hyderabad, Barpeta in Assam, Palakkad in Kerala, Indore and Dhar in Madhya Pradesh, Khordha in Odisha among other places.
As against the total ‘investments’ of Rs 97 lakh, corresponding gains on the fraudulent app were shown to be Rs 4.44 crore. When he said he wanted to withdraw the money, he was asked to pay 20 per cent of total earnings as tax. It was at this point that he realised that he had been cheated. He then approached the cyber crime police station and an FIR was registered.
The Pune and Pimpri Chinchwad police have witnessed a worrying surge in online share trading fraud cases over the past two years. 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.
