Pune Techies Fall Victim to Online Share Fraud, Lose Rs 45 Lakh
Two professionals from Pune, a software engineer and a finance expert, lost a total of Rs 45 lakh to online share fraud. The victims were lured into block trading and IPO investments, only to realize they were being scammed.
Online Share FraudCyber CrimeInvestment ScamsFinancial SecurityPuneReal Estate PuneSep 11, 2025
Separate complaints were registered with the Bavdhan and Chikhali police on Wednesday, shedding light on the modus operandi of the fraudsters. An officer from the Chikhali police explained that a 40-year-old finance professional was added to a group of investors in July. The criminals promised him substantial returns if he opted for block trading in the stock market.
The victim, between July and August, transferred Rs 29.4 lakh to seven different bank account numbers. When he attempted to withdraw his funds, he was told to transfer more money. It was then that he realized he was being duped and approached the police.
In the Bavdhan case, a 51-year-old software engineer lost Rs 15.7 lakh to cyber criminals in July this year. According to the police, the techie came into contact with the fraudsters through a social media platform. The criminals convinced him to invest in Initial Public Offerings (IPOs) and over-the-counter (OTC) shares.
The techie transferred Rs 15.7 lakh to various bank account numbers provided to him. When he tried to withdraw his money, the criminals cited different reasons and pressured him to invest more. Realizing he had been scammed, the techie lodged a complaint with the police.
Both cases underscore the need for increased awareness and caution when dealing with investment opportunities, especially those that promise high returns with minimal risk. Financial experts advise individuals to thoroughly research any investment before committing funds and to be wary of unsolicited investment offers.
The police are currently investigating the cases and have urged other potential victims to come forward. They are also working to trace the bank accounts used by the fraudsters and are collaborating with financial institutions to identify and apprehend the perpetrators.
For individuals looking to invest, it is crucial to seek advice from licensed financial advisors and to verify the legitimacy of investment platforms and opportunities. Staying informed about the latest scam techniques and maintaining a healthy skepticism can go a long way in protecting one's financial well-being.
Frequently Asked Questions
How can I protect myself from online share fraud?
To protect yourself from online share fraud, always verify the legitimacy of investment platforms, seek advice from licensed financial advisors, and be cautious of unsolicited investment offers. Thoroughly research any investment opportunity before committing funds.
What should I do if I suspect I am a victim of a share fraud?
If you suspect you are a victim of a share fraud, immediately stop any further transactions and report the incident to the police. Also, inform your bank and any financial institutions involved to prevent further losses.
How can I verify the legitimacy of an investment platform?
To verify the legitimacy of an investment platform, check if it is registered with regulatory bodies such as SEBI in India. Look for reviews and ratings from other users, and consult with financial advisors for additional guidance.
What are some common tactics used by cyber criminals in share fraud?
Common tactics used by cyber criminals in share fraud include promising high returns with minimal risk, creating fake investment groups, and using social media platforms to lure victims. They often pressure victims to transfer more money to withdraw their initial investment.
How can I report a share fraud to the police?
You can report a share fraud to the police by filing a complaint at your nearest police station. Provide all relevant details, including the names of the fraudsters, the bank account numbers used, and any communication records.
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