Pune Sees Multifold Rise In Online Share Trade Frauds, Citizens Lose Rs 116 Crore
Pune Sees Multifold Rise In Online Share Trade Frauds, Citizens Lose Rs 116 Crore
A staggering 226 citizens in Pune have collectively lost over Rs116 crore to online share trade frauds between January and September this year. This represents a significant increase from 2023, where 56 individuals lost over Rs8 crore, according to Pune cyber police figures.
The majority of victims, including highly qualified software engineers, fell prey to promises of unrealistic returns. Additional Commissioner of Police (Crime) Shailesh Balkawade attributed the frauds to human greed and over-reliance on online transactions. “People are tempted by messages promising unrealistic returns and act without much thought or consultation,” he said while communicating with media.
Cyber police inspector Swapnali Shinde revealed to The Times Of India that fraudsters promised returns as high as 800% and used messaging apps to lure victims. “Fraudsters add phone numbers to a messaging app group, where members discuss high returns. Victims contact the group administrator, who sends a link to another app. Victims buy shares, and fraudsters ask them to invest in high-value shares or IPOs,” she explained.
A finance executive lost Rs3.28 crore after selling his ancestral house and exhausting savings. “I’m completely broke… I don’t know how I trusted the fraudsters,” he lamented. Inspector Shinde noted that 106 victims lost over Rs 25 lakh each.
Cyber law expert warned that fraudsters operate undetected on messaging apps, using names similar to reputable share brokers. “Victims neglect to notice they’re sending money to private accounts, not companies. Fraudsters give initial returns to gain trust, then ask for more investments,” he said.
The Pune cyber police urge citizens to exercise caution and verify authenticity before investing online.
