Online Investment Frauds Leave Pune Residents Reeling with Rs 73.5 Lakh in Losses
Pune, 3rd February 2024: Online Investment Frauds, In a disconcerting turn of events, two Pune residents, a sports shoes wholesaler hailing from Charholi and a doctor residing in Tathawade, have fallen victim to separate online investment frauds, resulting in significant financial losses amounting to Rs 51.5 lakh and Rs 22 lakh, respectively.
According to the police reports, both cases involved fraudulent schemes related to shares and Initial Public Offerings (IPOs), where the perpetrators lured the victims with promises of extraordinarily high returns on their investments.
The 30-year-old sports shoes wholesaler engaged with a US-based stock company online in November last year, as disclosed by Senior Inspector Machhindra Pandit of the Dighi police. The fraudsters, posing as executives of the company, enticed the victim with an enticing offer of 350% returns for investing in the Indian stock market through their platform. Subsequently, the victim was added to a mobile messenger app group, and a virtual account was created for him to monitor his investments and profits.
Over the course of November to January 17, the complainant continued to invest substantial amounts, reassured by regular updates received. However, when attempts to withdraw his funds proved futile, suspicions were raised, leading the victim to realize he had been deceived. Without delay, the victim approached the Dighi police station and filed a complaint, resulting in the registration of a cheating case.
In a parallel incident in Wakad, a 37-year-old medical practitioner became a victim of a similar scam. The doctor connected with a purported stock firm through a social media platform. “The complainant was instructed to download a mobile application and invest through it,” revealed an officer from the Wakad police. Between December 7 and 24, the doctor transferred a substantial sum of Rs 21.98 lakh to various bank accounts as part of the investment process. When attempting to withdraw his funds, he was asked to pay an additional 30% of his profits. Realizing the deception, the doctor promptly filed an online complaint application, leading to the registration of a case on Wednesday.
These incidents highlight the increasing sophistication of online frauds and the need for individuals to exercise caution and due diligence while engaging in online financial transactions. Authorities are actively investigating the cases, urging the public to be vigilant and report any suspicious investment schemes to prevent further financial losses.
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