Pune Laundry Businessman Defrauded of Rs 1.15 Crore in Elaborate Online Share Trading Scam
The Pune Cyber Police have reported a significant case of online financial fraud, where a 48-year-old laundry businessman from the Parvati area was cheated of a staggering Rs 1.15 crore. The elaborate scam unfolded between August and October of last year, with fraudsters luring the victim with promises of handsome returns on investments in online share trading.
Complaint Leads to Formal FIR Registration
According to official police statements, the victim submitted a detailed complaint application last month. After thorough verification and investigation, the Pune Cyber Police formally registered a First Information Report (FIR) for cheating on Wednesday. This legal action marks a critical step in addressing the growing menace of cyber-enabled financial crimes in the region.
How the Scam Was Executed: A Step-by-Step Breakdown
The police have outlined the methodical approach used by the fraudsters to ensnare the businessman:
- Initial Contact: In August last year, the victim's phone number was added to a group on a popular messaging application without his consent. This group was actively discussing and boasting about high returns generated from trading shares online.
- Victim's Interest: The businessman read these messages and became increasingly impressed with the substantial profits that other group members claimed to be earning, which piqued his interest in participating.
- Direct Engagement: The victim then proactively contacted the group administrator, who promptly sent him a link to download a specialized online application designed for trading shares. The businessman downloaded this application and began trading, initially purchasing shares of lower value.
- Escalation and False Promises: The group admin then advised the victim to invest in high-value shares and Initial Public Offerings (IPOs), assuring him of even more handsome profits. Crucially, the admin offered to assist the businessman in buying these premium shares, building a false sense of trust and partnership.
- Financial Transactions: A few days later, when the admin followed through on the offer to help, the victim agreed. The admin subsequently shared details of 10 different bank accounts with the businessman, who then transferred a total of Rs 1.15 crore to these accounts over the following months.
The Final Deception and Realization
The scam reached its climax when the online application showed artificially inflated high profits for the victim's investments. Encouraged by this display, the businessman decided to sell his shares to realize these gains. However, the suspect immediately blocked this action, demanding more money under various pretexts. It was at this moment that the victim realized he had been systematically cheated, with no actual shares purchased and his funds siphoned off.
This case underscores the sophisticated tactics employed by cyber criminals to exploit individuals seeking quick financial gains. The Pune Cyber Police are actively investigating the matter, urging the public to exercise extreme caution with unsolicited investment offers and to verify the legitimacy of trading platforms thoroughly.
