Pune Residents Lose Rs 1.4 Crore in Sophisticated Online Trading Scams
The Pune cyber police have registered two separate cases of cheating after a woman from Bibvewadi and a software developer from Wagholi collectively lost a staggering Rs 1.4 crore to cybercriminals who lured them with promises of handsome returns through online share-trading platforms.
Bibvewadi Woman Defrauded of Rs 69.4 Lakh
In the first case, a 42-year-old woman from Bibvewadi was systematically defrauded of Rs 69.4 lakh between July and August last year. According to police reports, the victim received an unsolicited message on her mobile phone encouraging her to invest in shares online for substantial profits.
The sophisticated scam unfolded through several calculated steps:
- The woman clicked on the provided link, which automatically added her number to a messaging application group
- Group members actively discussed impressive returns generated through share trading
- After observing these conversations, the victim contacted the group administrator
- The administrator sent her a link to download a mobile application for online share trading
Once the application was installed, the victim began trading shares. The group administrator then escalated the scheme by:
- Encouraging investments in high-value shares and Initial Public Offerings (IPOs)
- Promising personal assistance in purchasing premium shares
- Providing 13 different bank accounts for fund transfers
The victim transferred substantial amounts to these accounts over several weeks. Her application dashboard eventually showed an impressive collective profit of Rs 8.94 crore, creating a false sense of security and success.
The Trap Springs Shut
When the woman decided to sell her shares to realize these apparent profits, the scammers immediately changed tactics. They prevented her from selling any shares and began demanding additional payments under various pretexts:
- Tax payments on the supposed profits
- Processing fees for withdrawals
- Various administrative charges
Only after repeated demands for more money did the victim realize she had been systematically cheated. She subsequently approached the Pune cyber police, who registered a formal case against the unidentified online fraudsters.
Wagholi Software Developer Targeted in Similar Scam
In a parallel case that demonstrates how even educated professionals can fall victim to these schemes, a 42-year-old software developer from Wagholi was cheated in a remarkably similar fashion between August and September last year.
Notably, the victim is no novice to technology or education:
- He works with a prominent software company in Kharadi
- He graduated from one of India's top premier educational institutes
- His technical background did not protect him from the sophisticated psychological manipulation employed by the scammers
The software engineer lodged a formal complaint with police, detailing how he was promised high returns on online share trading investments before being defrauded through methods nearly identical to those used against the Bibvewadi woman.
Police Investigation and Public Warning
The Pune cyber police have registered both cases and launched investigations into these sophisticated online fraud operations. These incidents highlight several concerning patterns in contemporary cybercrime:
- Professional Presentation: The scams use professionally designed applications and coordinated group communications to appear legitimate
- Psychological Manipulation: Scammers create artificial social proof through group discussions of successful trades
- Gradual Escalation: Initial small successes build trust before larger investments are requested
- Technical Sophistication: Fake applications show impressive but entirely fictional profit statements
These cases serve as a stark reminder that even educated, technology-savvy individuals can fall victim to carefully orchestrated online investment scams. The police have urged citizens to exercise extreme caution when approached with unsolicited investment opportunities, particularly those promising unusually high returns with minimal risk.
