Pune Crime : A 67-year-old entrepreneur from Pune has fallen victim to an elaborate online share trading scam, losing ₹1.86 crore. The victim was lured into the fraud through a malicious mobile application and a WhatsApp group filled with fake testimonials. Over a 20-day period, he was deceived into believing his initial investment had skyrocketed to ₹54 crore. (Pune Crime)
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The victim, who owns an electrical systems manufacturing unit in Kothrud, Pune, encountered an advertisement for a share trading platform in November. Clicking the link led him to a WhatsApp group with over 130 members. The group’s administrators promoted various stock trading opportunities, while other members posted fabricated stories of substantial profits. After observing the group’s activity for two weeks, the entrepreneur was contacted privately by an administrator and invited to join a mobile trading application.
Upon registering on the fake app, the victim began making “investments” based on instructions from the group administrators. He transferred funds to multiple mule accounts located across India, including Chennai, Delhi, Darjeeling, Solan, Coimbatore, Surat, and Howrah. The fraudulent application reflected each transaction and corresponding profit, ultimately displaying a fictitious gain of ₹54 crore against his ₹1.86 crore investment.
When the entrepreneur attempted to withdraw a portion of his purported earnings, he was asked to pay a 20% “service charge.” This demand alerted him to the scam, prompting him to file a First Information Report (FIR) at the Pune Cyber Police station.
This incident highlights a disturbing trend of online share trading fraud in Pune and Pimpri Chinchwad. Cyber investigators have reported a surge in such cases, with fraudsters employing various tactics, including trading tips, virtual lectures, fake mobile apps, and promises of exceptionally high returns. Despite repeated advisories, sensitization campaigns, and media coverage, citizens continue to fall prey to these scams.
In 2024 alone, Pune police have registered 128 cases of share trading fraud involving amounts exceeding ₹50 lakh, totaling ₹143 crore in losses. This figure excludes numerous other cases involving smaller sums.
Last year, the Securities and Exchange Board of India (SEBI) issued an advisory warning about these scams. SEBI cautioned that fraudsters often use online trading courses, seminars, and mentorship programs on social media platforms to lure victims. Impersonating employees or affiliates of SEBI-registered Foreign Portfolio Investors, they persuade individuals to download apps that supposedly enable share purchases and IPO subscriptions without requiring official trading or Demat accounts.
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