Investor Loses ₹98 Lakh in Pune Online Scam

A 56-year-old man from Thergaon has become a victim of an online investment scam, losing a staggering ₹98 lakh. This incident highlights the growing concern regarding online fraud in India, particularly in investment schemes that promise high returns. The man, working for a private firm, reported the case to the Pimpri Chinchwad cyber police after realizing he had been deceived.

The scam began when he was added to a mobile messaging group that claimed to be associated with a reputed investment company. The group’s name closely resembled that of a well-known firm, which instilled confidence in the victim. In September, he was lured by enticing promises of returns exceeding 15 percent on stock market investments.

Believing in these claims, he downloaded a mobile application promoted by the scammers. Initially, the app displayed impressive growth in his investments, further boosting his confidence. Between September and November, he transferred large sums of money to various bank accounts, following the scammers’ instructions. Each transaction was accompanied by attractive returns shown on the app, prompting him to invest even more.

However, when he attempted to withdraw his funds, the fraudsters demanded additional investments, including purchases of initial public offerings (IPOs). After transferring a total of ₹98 lakh, the victim became suspicious when his repeated withdrawal attempts failed. Realizing he had been scammed, he tried to reach out to the fraudsters, but they ignored his attempts, leading him to seek help from the cyber police.

This case is not isolated. Authorities have reported a rise in similar online trading scams in recent weeks. In other instances, a software engineer lost ₹95.2 lakh, and a resident from Hadapsar was defrauded of ₹1.2 crore through comparable schemes. The Pimpri Chinchwad cyber police have issued a warning to residents, advising them to exercise caution when investing online.

They emphasize the importance of verifying the authenticity of investment platforms and consulting trusted sources before transferring any money. As online scams become more sophisticated, it is crucial for individuals to remain vigilant and informed to protect their hard-earned money.