Chartered accountant from Baner lost Rs3 crore, Cyber Police Investigates

Share This News

A Chartered Accountant from Baner lost Rs3 crore between Jan and Feb this year after he fell for high returns on investment bait online.

Victims of online share trading scams in Pune, including an officer from the National Defence Academy (NDA) and a housewife, have collectively lost crores of rupees between January and March 2024.

The cyber police have noticed a significant increase in cases involving fraudulent activities related to online share trading, with 204 cases reported in the first three months of 2024 compared to 53 cases in 2023. Fraudsters lure victims with promises of high returns on investment through manipulated online trading platforms.

The rise in financial frauds post-Covid is attributed to people’s inclination towards exploring investment opportunities, particularly in the share market, without adequate knowledge.

Investigations reveal that fraudsters operate using servers based in foreign countries and employ local individuals with bank accounts to facilitate money transfers, making it difficult for victims to claim refunds.

“Our investigations revealed that the fraudsters were using servers based in foreign countries. The main conspirators are planting money moles and local poor people with bank accounts, and these bank accounts are misused to get the victims to transfer money. We are establishing the money trail in all such cases. All the cases have taken place outside the ambit of the SEBI, and hence victims cannot even claim any refund,” a senior officer said

Fraudulent activities involve scripted messages on online platforms to entice victims, with fraudsters initially investing money using their accounts to show profits and deceive victims. Cyber police are collaborating with messaging application offices to track down fraudsters and obtain transactional details.

The Senior police officials have consolidated complaints related to online share trading scams to streamline investigations and uncover common perpetrators.

Podar Prep
Angel home decor
Podar Prep