Businessman robbed of 27.2 lakh through online share trading fraud in Pune

A shocking online share trading fraud has come to light, where a 50-year-old businessman in the Market Yard area of Pune, was duped of ₹27.2 lakh by cybercriminals. The incident took place between October 16 and November 5. The businessman approached the Pune Cybercrime Police with the complaint on Friday. After preliminary scrutiny, the Market Yard Police registered an FIR for cheating after authenticating the complaint.

Inspector (Crime) Rahul Khilare said the businessman was roped in by fraudsters by receiving links on social media stating that one would earn a huge amount of money through online share trading with adequate returns. Initially, the businessman invested ₹50,000 and realized only ₹8,000. He was attracted to the high profit on quick investment. Then, he started investing different amounts and enjoyed excellent returns for a period, which boosted his confidence.

However, it went worse when the victim tried to withdraw his invested amount and the profits he had earned. The links stopped responding, and the cyber crooks completely stopped communicating with him. He realized that he had been scammed.

Realizing that he was the victim of a sophisticated cyber fraud, the businessman approached the police. The authorities have now launched an investigation into this online share trading fraud to track down the cybercriminals involved in this scheme.

This incident brings to light the ever-increasing dangers of online investment frauds in India, particularly where such online platforms are offering high returns for share trading. The rapid growth of the digital economy places high importance on a deep regard for cybersecurity safety and checks the legitimacy of any such investment opportunity before large sums of money are transferred.

Online trading scams remain one of the biggest threats related to cyber fraud, and as concerns grow, the Pune Cybercrime Police have alerted people to exercise caution while doing transactions online. Investigations are under way to catch hold of the culprits involved in this crime and to prevent such crimes from happening in the future..

Also read: Tragic accident in Bareilly: 3 killed after navigating via Google Maps to half-built bridge