Pune Investors got Duped of Rs.1.9 crore in Stock Market Frauds

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Pune Investors got Duped of Rs.1.9 crore in Stock Market Frauds
Pune Investors got Duped of Rs.1.9 crore in Stock Market Frauds

Online scams involving cautious individuals falling for con artists promising big returns on stock market investments are on the rise in Pune.

Five victims, all targeted through digital channels, lost a total of ₹1.94 crore in the most recent cases.

Cyber police have received several complaints, and the scammers’ common tactic is to entice victims with the prospect of large profits through credit card cashback offers, stock market trades, or initial public offerings (IPOs).

These thieves deceive victims into sending large amounts of money to different bank accounts on false pretenses by using intricate techniques.

Case 1: A stock market scam costing ₹94 lakh

 A young man lost ₹94,82,804 in the most widely publicised example when fraudsters pretended to be representatives of SBI Securities Stock Company.

The victim was contacted by the con artists, who convinced him to download a phony stock trading program on his phone. They first put ₹30,000 into his bank account as a “profit” in an effort to gain his trust. They persuaded him to make a larger investment when they gained his trust.

The victim lost more than ₹94 lakh by the time he discovered the crime, which took place between July and September.

Case 2: A Stock Investment Fraud Steals ₹77 Lakh

The second large victim was a 43-year-old Vadgaon Budruk guy who lost ₹77,50,754 between May and July 2024. He was drawn in by the con artists’ promises of large profits from stock trades.

They told him to download a fake app and move money from one bank account to another. The victim invested close to ₹78 lakh; however, he never got any money back after that.

Case 3: Trading Task Fraud of ₹12 Lakh

A Facebook user was tricked by a cybercriminal gang into investing ₹12 lakh by promising great  profits on a trading activity.

Scammers lured the victim into a WhatsApp group where they offered investments with huge rewards. But the victim never received any returns after submitting the money, so he filed a complaint. 

Case 4: Woman Conned into False Trading Scheme for ₹24 Lakh

A Lohgaon resident, 29, lost ₹24,35,000 after being duped by cybercriminals into believing they could make large earnings from trading.

She invested money via the trading program that they offered her a link to download online. Later, the con artists deceived her into sending further funds under the guise of taking her gains out. 

Case 5: A Credit Card Cashback Scam Costing ₹17 lakh lost

A 26-year-old Erandwane resident lost ₹17,10,000 as a result of falling for a credit card reward fraud. The con artist gave her cashback on her credit card while pretending to be a bank representative.

The woman discovered she had been duped and filed a complaint after the incident happened in April 2024.

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