Online fraudsters dupe elderly lawyer of Rs14.3cr

Pune: Online fraudsters allegedly duped a 68-year-old lawyer from Katraj of Rs14.25 crore between Oct and Dec last year after promising handsome returns on investments in online share trade.According to the Pune Cyber Police, the victim had submitted a complaint application in January this year. A formal FIR was registered after its verification.
Senior inspector Swapnali Shinde of the Pune Cyber police said, "The victim is now retired. He was earlier a practising lawyer." Shinde said according to the FIR, the victim's cellphone number was added to a group on a messaging application where members discussed high returns generated through online share-trading. "Group members frequently thanked the admin for his valuable tips," she said. "Impressed by the messages, the victim contacted the group admin. The latter advised him to start trading shares through their online mobile application," Shinde said.The fraudsters then sent him a link to download the application. Initially, the victim invested smaller amounts in low-value shares, and the application reflected nominal profits."Later, the fraudsters told him that he needed to invest in high-value shares or IPOs to earn higher profits. They assured him of assistance in purchasing such shares," Shinde said."The suspects shared details of eight different bank accounts and told the victim to transfer money there to purchase high-value shares and IPOs. Over the next two months, the victim made more than 15 high-value transactions and transferred a total of Rs14.25 crore. He even sold his land and other properties to generate funds for investment. The application subsequently showed profits exceeding Rs40 crore," Shinde said."When the victim decided to sell the shares based on the profit displayed on the application, the fraudsters allegedly prevented him from doing so. They continued to demand additional payments citing fees and taxes," she said.Realising that he had been cheated, the senior lawyer approached the police.Get the latest lifestyle updates on Times of India, along with Holi wishes, messages and quotes !