Police said the techie joined a WhatsApp investment group after receiving the payment, then transferred money to bank accounts provided through the fake platform’s customer service section.
A 55-year-old Pune IT engineer lost ₹67.94 lakh in a fake stock trading scam after fraudsters deposited ₹5,400 into his bank account to convince him that their investment platform was genuine.
According to an FIR registered by Pune Cyber Police, the man was initially reluctant to invest after being added to a WhatsApp group while searching online for information about share trading. Members of the group discussed stocks and initial public offerings, while a woman who claimed to be an agent of an investment company offered trading recommendations and promised high returns on relatively small investments.
The man initially remained an observer. The fraudsters later told him they would provide ₹5,000 as an advance to help him make his first investment. A payment of ₹5,400 was subsequently credited to his bank account, which convinced him that the group and platform were legitimate.
Techie Invested ₹67.94 Lakh
After receiving the payment, the man began following the investment recommendations shared in the WhatsApp group. He transferred money to bank accounts provided through the platform’s customer service section.
On September 2, he transferred ₹9.70 lakh. He then made two more transfers of ₹31 lakh and ₹27.24 lakh, taking his total investment to ₹67.94 lakh.
The fake trading platform showed that his account had grown to ₹8.46 crore, giving him the impression that his investments had generated substantial profits.
The fraud was exposed when he tried to withdraw the money. The operators told him he would first have to pay ₹1.17 crore in brokerage charges.
That demand raised his suspicions. The man had already used other legitimate trading platforms and knew that such a procedure was not followed for withdrawals.
Company Office Visit Exposed the Fraud
The techie decided to verify the company whose name had allegedly been misused to create the fake platform.
On September 15, he visited the company’s office in Mumbai and discovered that he had been targeted by fraudsters. He subsequently contacted the cybercrime helpline 1930 and reported the incident. A complaint was also registered with Pune Cyber Police.
Trading Scams Continue to Target Investors
Pune and Pimpri-Chinchwad police have reported a rise in online share-trading fraud cases over the past three years.
Fraudsters use different methods to attract victims, including WhatsApp groups, trading tips, virtual lectures, mobile applications and promises of unusually high returns. In this case, the initial ₹5,400 payment appears to have been used to establish credibility before the victim was persuaded to transfer much larger amounts.
Police have repeatedly issued advisories and conducted awareness campaigns about such scams. Despite these efforts and widespread media coverage, officials remain concerned about people continuing to fall for fraudulent investment platforms.
The case is now being investigated by Pune Cyber Police.
Officials have also expressed concerns over citizens continuing to fall prey to these scams in spite of several advisories, sensitisation campaigns and wide media coverage in this regard.
Source: The Indian Express
