Pune Man Loses Rs 11.20 Lakh in Online Share-Trading Scam

A 58-year-old private company employee from Talegaon Dabhade, Pune, has fallen victim to an online share-trading fraud, losing Rs 11.20 lakh to cybercriminals. The scam unfolded over several months, from October last year to March this year.

The victim approached the Talegaon Dabhade police on Sunday and lodged a complaint. According to an officer from the police station, the victim was searching for investment opportunities in the stock market when he came across a website of an equity firm. When he clicked the link, he was added to a group of investors on a mobile messaging app.

The cybercriminals provided online training to the victim about investments in stocks and claimed that their firm was authorized by the Securities and Exchange Board of India (SEBI). They then made him download an app to invest and monitor his profits. The crooks subsequently took money from the victim into different bank accounts.

By March 17, the victim had lost Rs 11.20 lakh and realized he had been duped. The police have sought the details of the transactions from the complainant's bank to aid their investigation.

Online share-trading scams are becoming increasingly common, with cybercriminals using sophisticated methods to trick unsuspecting investors. It is crucial for individuals to verify the authenticity of investment platforms and seek professional advice before making any financial commitments. The Securities and Exchange Board of India (SEBI) recommends that investors only engage with registered and regulated entities to protect their investments.

If you suspect that you have been a victim of a similar scam, it is advisable to report the incident to the nearest police station and seek legal assistance. Awareness and vigilance are key to avoiding such financial pitfalls.