A 48-year-old software professional from Warje, Pune, has become the latest victim of a sophisticated online investment scam, losing a staggering Rs 54.29 lakh to fraudsters who lured him with promises of extraordinary profits from share trading.
The Deceptive Group and False Promises
The victim's ordeal began when his phone number was added to a group on a popular messaging application. This group, which bore a name strikingly similar to a legitimate stockbroking firm, was filled with members enthusiastically discussing the high returns they were allegedly receiving from share investments based on tips provided by the group administrator.
Trusting the conversations he witnessed, the techie initiated contact with the group admin. The admin promptly sent him a link to download a specialized share-trading application, marking the first step into the trap.
The Elaborate Trap and Mounting Losses
Initially, the techie purchased low-value shares through the provided app. Encouraged by the visible transactions and apparent returns shown on the platform, he grew more confident. The group admin then strategically urged him to invest significantly larger amounts in expensive stocks and Initial Public Offerings (IPOs), offering continuous assurance of assistance with these high-value purchases.
Acting on these instructions, the victim transferred money to four different bank accounts shared by the suspects. The entire fraudulent activity took place between October 2023 and May 2024.
The Unraveling and Police Complaint
The scam came to light when the techie attempted to sell his shares and withdraw his supposed profits. The trading application, designed solely to display fake growth, did not allow him to execute any sell orders or access his funds.
When he confronted the suspects, they strung him along with empty promises of returning his money for over a year. It was only after realizing that all assurances were false that the victim finally approached the Pune cyber police and lodged a formal complaint, though the report was filed after a significant delay as he had hoped the fraudsters would honor their word.
The police have confirmed the details of the case and are investigating what appears to be a well-organized online share trading fraud designed to exploit investors seeking quick and high returns.
