47-Year-Old Pune Techie Loses ₹2.17 Crore In Online Trading Fraud In Indore
· Free Press Journal
Indore (Madhya Pradesh): Cyber fraudsters allegedly cheated a 47-year-old Pune-based software engineer of Rs 2.17 crore through a fake share trading app by misusing the identity of an Indore-based financial services company.
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The fraud surfaced when the victim visited Indore in the third week of September after facing difficulties withdrawing his money. Company officials denied any association with the app or investment scheme. He approached Indore cyber police, who transferred the case to Pimpri-Chinchwad police in Pune for investigation.
According to the complaint, the fraud began on Aug 3 when the engineer clicked on a share trading advertisement on Instagram. He was subsequently added to a WhatsApp group named 'Capital Strategy Community', where members shared stock tips and screenshots of purported profits.
A group member posing as a representative of the Indore firm offered investment guidance. An alleged adviser directed him to download a trading app displaying a purported Securities and Exchange Board of India (SEBI) certificate to establish credibility.
The victim initially invested Rs 30,000 but was gradually persuaded to transfer larger amounts for initial public offering (IPO) allotments. Between August and September, he transferred Rs 2.17 crore to bank accounts provided by the fraudsters. The app displayed investments and purported profits totalling around Rs 3.25 crore.
On Sept 15, he managed to withdraw only Rs 95,000. Further withdrawal requests were blocked, and the fraudsters allegedly demanded another Rs 50 lakh to release his funds. His subsequent visit to Indore exposed the fraud.
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