Online Trading Scam: A 58-year-old merchant navy engineer from Aundh, Pune, recently became a victim of an online trading scam, losing ₹1.77 crore. The case highlights the growing threat of financial frauds targeting investors through deceptive platforms.
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In December 2024, the engineer came across an advertisement on social media promoting a high-return investment opportunity. After clicking on the link, he was added to a messaging group where a person, posing as an expert trader, introduced him to an app-based trading platform. The fraudster provided stock market training and guided him on using the app. To gain his trust, she shared links to what appeared to be credible trading firms. Believing it to be legitimate, the engineer started investing.
Initially, he invested ₹5,000 and saw instant profits on the app, which encouraged him to put in more money. Over the next two months, from December 2024 to February 2025, he transferred funds in 21 transactions from two of his bank accounts into multiple accounts controlled by the scammers. By February 4, 2025, the app displayed a massive profit of ₹26.33 crore. However, when he tried to withdraw his earnings, he was told to first pay a 7.5% tax. He requested the tax be deducted from his supposed earnings, but his withdrawal requests were ignored.
Realizing he had been scammed, the engineer filed an online complaint. After a preliminary inquiry, the Pune cyber police registered a First Information Report (FIR). Investigations revealed that the money had been transferred to bank accounts in multiple cities, including Jammu, Ahmedabad, Ujjain, Bhubaneswar, and Tamluk in West Bengal.
Online trading scams are increasing, and officials have urged people to thoroughly verify investment platforms before putting in money. Experts advise avoiding unsolicited investment offers and never sharing personal financial details with unknown sources.
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