A 48-year-old chartered accountant (CA) residing in the Sinhagad Road area of Pune was defrauded of Rs1.15 crore in an online share trading scam that occurred between November and December last year.
Although the victim submitted a complaint to the Pune cyber police a month ago, a formal First Information Report (FIR) was registered only last week following a preliminary verification. Police confirmed that the diverted funds were traced to 13 bank accounts, all of which have since been frozen.
How the Scam Unfolded
According to the FIR, the CA encountered an advertisement while scrolling through a messaging application. The ad promised “handsome profits” through online share trading. Upon clicking the link, the victim’s phone number was automatically added to a group on a messaging platform.
The group administrator frequently shared trading tips and market insights. Other members of the group, later suspected to be accomplices of the administrator, regularly posted screenshots of their supposed earnings, thanking the latter for helping them secure substantial profits.
Enticed by Testimonials
Enticed by these testimonials, the CA contacted the administrator, who provided a link to a share trading application. After the CA downloaded the app, the administrator urged him to invest in high-value shares and initial public offerings (IPOs), promising returns as high as 300%.
Following these instructions, the CA transferred funds to 13 separate bank accounts provided by the suspect. The fraudulent application reflected his “investments”, eventually showing a total portfolio value of Rs2.5 crore against his actual investment of Rs1.15 crore.
Discovery of the Fraud
The fraud came to light when the CA attempted to sell his shares and withdraw his earnings. The suspects blocked the withdrawal and demanded an additional Rs45 crore, claiming he needed to pay fees for a “special trading session”.
Realising he had been targeted by fraudsters, the CA approached the police. An investigation is currently underway to track the operators of the frozen accounts and the messaging group.
