Pune IT Professional Falls Victim to ₹40.26 Lakh Online Gold Investment Scam

A 37-year-old IT professional from Balewadi, Pune, lost over ₹40 lakh in a fake online gold investment scheme, highlighting the evolving tactics of cyber fraudsters.

Cyber FraudOnline InvestmentGold ScamIt ProfessionalPuneReal Estate PuneMay 16, 2025

Pune IT Professional Falls Victim to ₹40.26 Lakh Online Gold Investment Scam

Real Estate Pune:Balewadi: A 37-year-old IT professional from Balewadi, Pune, lost over ₹40 lakh to a fraudulent online gold investment scheme, marking a new twist in the modus operandi of cyber fraudsters who have expanded beyond stock trading scams.nnThe victim filed a formal complaint at Baner Police Station on Wednesday, alleging that he was tricked into investing in bogus gold schemes between July and August last year. Senior Inspector Chandrashekhar Sawant of Baner police confirmed the development. “The scammers approached the complainant through a popular messaging app and shared a link, claiming it would help him invest in gold through a secure online platform with guaranteed high returns,” he said.nnBelieving the offer to be legitimate, the techie downloaded the recommended trading app. The app featured multiple bank accounts under the pretext of investment channels. Without suspecting foul play, the man transferred a total of ₹40.26 lakh into four separate accounts over two months. “In his effort to make more returns, he not only emptied his savings but also borrowed funds from friends,” added Inspector Sawant.nnPolice suspect that the app was designed to simulate real-time gold trading activity to appear authentic and encourage further investments. Investigators are now tracking the financial trail to identify the recipients of the transferred funds and determine whether the same group is linked to similar frauds reported in other parts of the city.nnAuthorities have once again urged the public to remain cautious of unsolicited investment offers shared via social media or messaging apps. “Verify before you invest—especially when promised unusually high profits,” said Sawant.nnThe rise in such scams underscores the need for increased awareness and vigilance among potential investors, especially in the digital age where fraudulent schemes are becoming more sophisticated.

Frequently Asked Questions

What is the modus operandi of the scammers in this gold investment scam?

The scammers approached the victim through a popular messaging app, shared a link to a fake online gold trading platform, and promised high returns to trick the victim into investing.

How much money did the IT professional lose in the scam?

The IT professional lost a total of ₹40.26 lakh in the scam.

What steps did the police take after the complaint was filed?

The police are tracking the financial trail to identify the recipients of the transferred funds and are investigating whether the same group is linked to similar frauds reported in other parts of the city.

What advice did the police give to the public to avoid such scams?

The police advised the public to remain cautious of unsolicited investment offers shared via social media or messaging apps and to verify the legitimacy of any investment before proceeding.

How can individuals protect themselves from online investment scams?

Individuals should verify the legitimacy of investment offers, avoid unsolicited offers, and be wary of promises of unusually high returns. It is also advisable to seek professional financial advice before making significant investments.

Tags:

Related News Articles

real estate news

Small Cities, Big Opportunities: How Tier-2 and Tier-3 Cities are Revolutionizing the Real Estate Market

Mid-tier cities like Faridabad, Lucknow, Vrindavan, Ludhiana, Chandigarh, Indore, Dehradun, and Jaipur are becoming hotspots in the real estate market, offering a low-cost, peaceful life and high returns on investment.

September 21, 2024

Read Article

Real Estate Maharashtra

PM Modi to Launch Multiple Development Projects in Maharashtra Worth Over Rs 56,000 Crore

Prime Minister Narendra Modi will visit Maharashtra on Saturday to launch several development initiatives costing over Rs 56,000 crore, including the BKC-Aarey JVLR section of Mumbai Metro Line - 3 and various agricultural and animal husbandry projects.

October 4, 2024

Read Article

real estate news

Cornell University: Klarman Fellow Reveals Insights on Housing Costs

A Klarman Fellow at Cornell University has conducted a groundbreaking analysis of housing costs, providing new insights into the factors affecting real estate development and the built environment. This research has significant implications for urban plan

November 2, 2024

Read Article

Real Estate

Mumbai Real Estate Projects Halted by New Environmental Clearance Order

The real estate sector in Mumbai is experiencing significant disruptions due to a recent directive from the National Green Tribunal (NGT). This order has led to the suspension of nearly 200 projects in the Mumbai Metropolitan Region (MMR), causing delays

December 30, 2024

Read Article

Real Estate

Bhubaneswar: SJTA to Launch Online Platform for Land Settlements

Currently, individuals occupying temple lands submit manual applications to SJTA for property sale or transfer. This process is set to become more efficient with the launch of an online platform.

January 18, 2025

Read Article

Real Estate

Mumbai Property Registrations Show Strong Growth in February 2025

Mumbai witnessed a significant rise in property registrations in February 2025, with 12,056 units registered, according to real estate consultant Knight Frank India. This growth indicates a robust market recovery and increased investor confidence in the c

February 28, 2025

Read Article