A 25-year-old software engineer from Deccan, Pune, lost over Rs 20 lakh to two online share-trading frauds between June last year and February. The techie, employed by a prominent software company, fell victim to separate scams that are now under investigation by the Deccan Gymkhana police.
First Fraud: Rajkot-Based Financial Firm
In June last year, the techie came across an advertisement for a Rajkot-based financial firm on a social media platform. After checking the firm's reviews, he contacted the number provided in the advertisement. A woman answered his call and assured him of substantial profits on his investments. Between June and July last year, the techie transferred Rs 3 lakh to the firm's bank account in Gujarat.
The firm provided some returns until November last year, but payments later stopped. When the techie contacted the firm's owner, he was told that the invested amount would be returned by March 2026. However, the promised return never materialized, according to a police officer.
Second Fraud: Stock Market Investment Firm
While dealing with the first firm, the techie encountered another advertisement for a stock market investment firm around the same time. He again contacted the number in the ad, and another woman answered. She claimed to be the owner and promised good returns.
In August last year, the techie invested a small amount. Within a month, a profit of Rs 22,500 was credited to his bank account. Encouraged, he continued investing as instructed, transferring a total of Rs 18.71 lakh to a provided bank account until February.
Realization and Police Complaint
The victim realized he had been duped when he stopped receiving profits and the company ceased responding to calls. He then approached the police and filed a complaint. Investigations revealed that the techie's money was transferred to a public sector bank account in Tiruchirappalli, Tamil Nadu.
The Deccan Gymkhana police have registered a case covering both frauds and are investigating further.
