Pune Businessman Defrauded of Rs 11 Crore in Elaborate Online Share Trading Scam
A 55-year-old resident of Nigdi, Pune, who previously served as a director at a company in the Chakan MIDC industrial area, has fallen victim to a devastating cyber fraud, losing a staggering Rs 11 crore between November of last year and January of this year. The sophisticated scam involved criminals posing as officials from a prominent securities investment firm, exploiting the victim's trust through a carefully orchestrated online share trading deception.
How the Scam Unfolded: Gaining Confidence Through Initial Returns
According to Senior Cyber Police Inspector Ravikiran Nale, the fraudsters first contacted the victim through a popular mobile messaging application. They presented themselves as representatives of a well-known securities investment company, assuring him of substantial returns on stock market investments made through their platform. To bolster their credibility, they falsely claimed their firm was registered with the Securities and Exchange Board of India (SEBI) and even shared a forged SEBI certificate with the unsuspecting victim.
The criminals then added him to an exclusive investors' group on the messaging app, where they provided detailed information about various stocks and upcoming Initial Public Offerings (IPOs). They regularly shared investment tips, creating an illusion of expertise and insider knowledge. Once the victim expressed interest in investing, they sent him a link to download a specialized application designed to monitor his investments and track profits in real-time.
The Trap Springs: Massive Investments and Vanishing Funds
Believing the scheme to be legitimate, the victim began transferring funds to multiple bank accounts provided by the fraudsters. To build his confidence further, the scammers initially returned profit amounts totaling approximately Rs 40 lakh. Encouraged by these early gains, the victim decided to commit fully to online trading. In a fateful move, he sold his share in his own company to raise additional capital for investment.
From that point onward, he diligently followed the tips provided by the fraudulent firm, investing enormous sums as directed. By January 31 of this year, his total investments had reached the astronomical figure of Rs 11 crore, all transferred to various bank accounts controlled by the criminals.
The Reality Dawns: Withdrawal Denied and Police Intervention
The scheme collapsed when the victim attempted to withdraw his accumulated profits and invested capital. The fraudsters suddenly denied his withdrawal requests, instead demanding more money under various pretexts. Realizing he had been duped, the victim immediately approached the authorities.
After verifying the details of his online complaint, the Pimpri Chinchwad Cyber Police registered a formal case of cheating on Friday. Inspector Nale confirmed that prompt police action managed to block Rs 70 lakh of the victim's money before the criminals could withdraw it, though the majority of the funds remain unrecovered.
Legal Action and Ongoing Investigation
The police have registered the case under multiple sections of the Bharatiya Nyaya Sanhita (BNS), including:
- Section 338: Forgery of valuable security, will, etc.
- Section 316: Criminal breach of trust
- Section 318: Cheating
Relevant sections of the Information Technology (IT) Act have also been invoked. The investigation is ongoing as authorities work to trace the perpetrators and recover the stolen funds. This case serves as a stark warning about the sophisticated methods employed by cybercriminals targeting investors through fake trading platforms and forged regulatory documents.
