Pune Cyber Fraud: Two Victims Lose Rs 2.31 Crore in Online Share Trading Scams
In a stark reminder of the growing threat of digital financial crimes, two individuals in Pune have collectively lost a staggering Rs 2.31 crore to cybercriminals in separate online share-trading frauds. The incidents, which occurred over recent months, highlight sophisticated scams involving fake investment apps and false promises of lucrative returns.
Labour Supply Firm Owner Defrauded of Rs 2 Crore
The first victim, a labour supply firm owner, was duped of Rs 2 crore between February 2 and March 7, 2024. According to an officer from the Pimpri Chinchwad cyber police, the fraud began when the victim was added to two investor groups on a popular cellphone messaging app on February 2. The cybercrooks assured him of an impressive 15% return on investments in the stock market if he channeled funds through them.
"They shared a link with the victim to download an app to monitor his profit," the officer explained. This app, designed to appear legitimate, showed fabricated profits, lulling the victim into a false sense of security. Under the pretext of purchasing stocks and initial public offerings (IPOs), the criminals instructed him to transfer money to various bank accounts.
Over the course of a month, the victim transferred Rs 2 crore to nine different bank accounts. "He did not suspect anything as the app showed that he earned a good profit," the officer noted. The scam unraveled when the victim attempted to withdraw his supposed earnings and found himself unable to do so. Instead, the fraudsters demanded more money, prompting him to inform his son, who subsequently lodged a formal complaint with the Pimpri Chinchwad cyber police.
Private Company Employee Loses Rs 30.5 Lakh
In a separate but similarly orchestrated fraud, a private company employee from Chikhali lost Rs 30.5 lakh between September and October of last year. The victim was allegedly enticed with promises of high returns on stock market investments and was directed to download an app that closely mimicked that of a prominent private finance firm.
An officer from the Chikhali police detailed that after downloading the deceptive app, the victim transferred Rs 30.5 lakh to seven different bank accounts controlled by the cybercrooks. "The private firm staffer was allegedly assured of good returns on his investment in stocks," the officer stated, emphasizing how the app's convincing design played a key role in the scam.
The victim initially filed an online complaint, which led to a formal case being registered with the Chikhali police on Monday. This step underscores the importance of reporting such incidents promptly to law enforcement agencies.
Rising Trend of Investment Frauds in Pune
These cases are part of a disturbing trend of cyber frauds targeting individuals through online trading platforms. The modus operandi typically involves:
- Luring victims with promises of unrealistic returns on investments.
- Using fake apps that replicate legitimate financial services to gain trust.
- Instructing transfers to multiple bank accounts to obscure the money trail.
- Exploiting the victim's desire for quick profits until red flags emerge, such as inability to withdraw funds.
Authorities urge the public to exercise extreme caution when engaging in online investments. Always verify the authenticity of apps and platforms, avoid sharing sensitive financial information, and report any suspicious activity immediately to cyber police units. The Pimpri Chinchwad and Chikhali police are actively investigating these cases to track down the perpetrators and prevent further losses.
