Pune Retiree Loses Rs 63.56 Lakh in Online Share Trading Scam
A 66-year-old retired bank official from Kothrud, Pune, fell victim to cyber fraudsters who duped him of Rs 63.56 lakh between April and July last year. The fraudsters lured him with promises of substantial returns on share trading through an online application.
The Pune cyber police registered an FIR on Monday under charges of cheating against the unidentified online fraudsters. The complainant had initially approached the police with a complaint after waiting nearly three months for the promised returns. Following verification, the police formally registered the case.
How the Scam Unfolded
According to police reports, the victim's mobile number was added to a messaging application group where members discussed high returns on share trading and frequently thanked the group admin for valuable tips. The retired officer, eager to earn good money through trading, contacted the group admin for assistance.
The admin then sent him a link to an online share trading application. Initially, the victim started buying shares of lesser value. The admin promised to facilitate larger purchases and convinced the officer to transfer money into four different bank accounts.
Trusting the admin, the retired officer transferred a total of Rs 63.56 lakh into these accounts. Within two months, the application showed a steep rise in profits, exceeding Rs 1 crore. However, when the victim decided to sell the shares to realize the profits, the fraudsters prevented him from doing so.
The police have launched an investigation to trace the fraudsters and recover the lost amount.
