Software Engineer Duped Out of Rs 63 Lakh in Share-Trading Scam

Pune: A software engineer (40) from Chandannagar has filed a complaint with the Pune cybercrime police, stating that he was defrauded of Rs 63 lakh between December last year and February by cybercriminals who promised lucrative returns in online share-trading. Inspector Sangeeta Deokate of the Pune cybercrime police said, 'The suspects promised returns ranging between 300% and 400%, luring the victim into transferring money to them.'

According to the police, the fraudsters added the victim's cellphone number to a messaging app group where members discussed high returns from share-trading. 'The victim then contacted the group admin, who sent him a link to download a mobile application,' Deokate explained.

After downloading the app, the victim began purchasing low-value shares. Later, the group admin persuaded him to invest in high-value shares and IPOs, promising assistance in the process. 'The group admin then shared details of five bank accounts. The victim began transferring money into them. In total, he transferred Rs 63 lakh. The application showed a profit of over Rs 1.5 crore. When the victim attempted to sell the shares, the suspects did not allow him to do so,' Deokate added.

The victim, realizing he had been scammed, approached the cybercrime police. The police are currently investigating the case and are working to trace the bank accounts and the individuals involved. This incident highlights the growing threat of online financial scams and the importance of being cautious when dealing with unsolicited investment opportunities.

To protect yourself from such scams, it's crucial to verify the authenticity of the investment platforms and the individuals offering them. Always conduct thorough research and consult financial advisors before making any significant investments. Stay informed about the latest trends and red flags in online financial scams to avoid falling victim to such schemes.

The Pune cybercrime police urge citizens to report any suspicious activities or potential scams to the nearest police station or directly to the cybercrime unit. By staying vigilant and reporting suspicious activities, we can collectively combat the increasing threat of cybercrime and protect ourselves and our communities.

For more information on how to stay safe from online financial scams, visit the official website of the Pune cybercrime police or consult a trusted financial advisor.