Pune News : Chartered Accountant Duped of Rs 3.4 Crore in Cyber Fraud for ‘Share Trading’ Scheme
Pune Police Issue Warning on Rising Cyber Fraud via IVR Calls
The cyber crime police station in Pune City has initiated an investigation into a case where a 49-year-old chartered accountant, employed at a private company in the city, was defrauded of a staggering ₹3.4 crore in an elaborate share trading scam.
The victim was lured into a WhatsApp group named after a prominent British financial institution, promising high returns through ‘block trade’ and ‘upper circuit trading’. The deception involved the victim being persuaded to download an app-based stock trading platform after encountering a link on Facebook in February.
Over the following weeks, the victim received ‘tips’ for various stock investments and investment opportunities, leading to him making numerous large payments ranging from ₹50,000 to ₹1 crore. To facilitate these payments, he took loans totaling over ₹2 crore from two banks, all while believing he was gaining substantial returns on his investments through the phone-based application.
As the victim attempted to withdraw funds, he was instructed to donate a portion to charity, prompting him to scrutinize the trading platform’s details. It was then that he realized he had been deceived and promptly reported the incident to the cyber crime cell. Following a preliminary investigation, an FIR was lodged.
Cyber investigators note a rising trend in online share trading fraud cases, with perpetrators employing tactics such as trading tips, online lectures, phone-based apps, and promises of exceptionally high returns. In response, the Securities and Exchange Board of India (SEBI) issued an advisory on February 26, warning against fraudsters posing as SEBI-registered entities and utilizing social media to promote fraudulent trading schemes.
