66-year-old loses Rs1cr to online share-trading fraud

Pune: Cybercrooks duped a retired engineer (66) from Salunke Vihar of Rs 1 crore after promising him handsome returns on investing in share-trading between Dec last year and Feb.After verifying his complaint, the Pune cyber police registered an FIR on Monday.According to the police, the complainant came across an advertisement about investing in stock market for high returns in Dec last year. The advertisement made bold claims of returns that the retired engineer had never seen before.The complainant clicked on the link, following which his cellphone number was added to a group on a messaging application, police said.Members of the group posted messages claiming that they had earned good quick profits through online share-trading and thanked the group admin for trading tips, police added.Senior inspector Swapnali Shinde of the Pune cyber police told TOI, "The elderly man is a retired engineer. He used to work with a company located on the Pune-Nagar Highway. The victim was impressed by the figures mentioned by the group members and contacted the group admin.""The admin then sent him a link to an online share-trading application. The victim downloaded the application and started buying low-value shares. Later, the admin persuaded him to invest in high-value shares and promised assistance in making such purchases," Shinde said."The fraudsters then shared details of seven bank accounts. The complainant went on sending money to them and eventually transferred Rs 1 crore by exhausting all his savings," she added.
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