A 52-year-old IT professional in Maharashtra’s Pune has fallen prey to an elaborate online share trading scam, losing Rs3.66 crore over two and a half months, police said. The Pune Cyber Police registered a case on Sunday after verifying his complaint.
The man, a resident of Hadapsar, discovered an investment link while scrolling through social media. Clicking on it added him to a group on a messaging platform, where members frequently shared posts claiming massive profits from share trading, police said.
Convinced by the discussions, he contacted the group administrator for guidance.
The administrator then sent him a link to download a trading application and instructed him to invest through it. However, police said that the app was fake and remotely controlled by the fraudsters. The man initially invested small amounts but was later persuaded to transfer larger sums for premium shares and initial public offerings (IPOs), promised with high returns.
The fraudsters provided multiple bank accounts, claiming they would trade on his behalf. The manipulated app showed substantial profits, luring the victim into further deposits.
When he attempted to withdraw funds, the scammers blocked the transactions and demanded more money. Realising he had been duped, the man approached the cyber police.
Police noted that the case reflected a growing trend of online trading scams targeting professionals with promises of quick, high returns. Earlier this month, a man from Pimpari district lost Rs 2.10 crore in a similar fraud.
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