A Pune man has lost Rs. 98 lakh after online scammers promised high stock market returns. Here’s what you should be aware of to prevent such scams.
A 56-year-old resident of Thergaon lost Rs. 98 lakh after falling victim to an online investment scam that promised high returns on stock market investments. The man, an employee of a private firm, reported the fraud to the Pimpri Chinchwad cyber police, who have launched an investigation.
How the Scam Unfolded
Police officials said the victim was added to a mobile messaging group in September that appeared linked to a reputed investment company. “The group’s name resembled a well-known firm, which made the victim trust its authenticity,” a cyber police officer stated. The fraudsters promised returns exceeding 15 percent on stock market investments. Convinced by these claims, the man downloaded a mobile application promoted by the scammers, which was presented as a tool for trading and tracking profits.
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The app showed continuous growth in his investments, reinforcing his confidence. Between September and November, the victim transferred substantial sums of money to multiple bank accounts, as instructed by the scammers. Each time, the application displayed attractive returns, prompting him to invest more.
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When he attempted to withdraw funds, the scammers demanded further investments, including purchases of initial public offerings (IPOs). After transferring a total of Rs. 98 lakh, the man realised the situation was suspicious when repeated withdrawal attempts failed. Attempts to contact the fraudsters were ignored, which led him to approach the cyber police.
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Similar Cases Reported
Authorities noted that similar online trading scams have increased in recent weeks. In separate cases, a software engineer lost Rs. 95.2 lakh, and a Hadapsar resident was defrauded of Rs. 1.2 crore through comparable schemes.
Police Advisory
The Pimpri Chinchwad cyber police have urged residents to exercise caution before investing online, particularly when promises of guaranteed or unusually high returns are made. Citizens are advised to verify the authenticity of investment platforms and consult trusted sources before transferring money.
The article originally appeared on Hindustan Times
