Retired manager loses Rs84 lakh in online share trading fraud

Pune: A 62-year-old retired private company manager from Dhankawadi was defrauded of Rs84 lakh by online scammers between December and February. The victim was lured into the trap with the promise of lucrative returns through share trading.The victim filed a formal complaint with the Pune Cyber Police on Tuesday afternoon.According to the police, the ordeal began when the victim's phone number was added to a group on a social messaging application. The group was used to share fabricated success stories and discuss high profits supposedly earned through online stock trading under the guidance of the group's administrator. Influenced by these claims, the victim decided to invest.Senior inspector Swapnali Shinde of the Pune Cyber Police stated, "The victim reached out to the group administrator expressing his interest in trading. The admin assured him of assistance and provided a link to download a specific trading application."Initially, the victim used the app to purchase low-value shares. However, the scammers soon escalated the scheme. "The administrator later persuaded him to invest in high-value shares and Initial Public Offerings (IPOs). The victim was directed to transfer funds into four different bank accounts under the pretext that shares would be purchased on his behalf," Shinde added.Trusting the process, the victim made approximately 30 high-value transactions, totaling ₹84 lakh, before realising he had been duped.
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