Rising Cyber Fraud Hits Pune: Victims Lose Crores in Online Scams

Rising Cyber Fraud Hits Pune: Victims Lose Crores in Online Scams

Rising Cyber Fraud Hits Pune: Victims Lose Crores in Online Scams ( Representational image )

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The scourge of cyber fraud is tightening its grip on Pune, with perpetrators employing ever more complex schemes to target victims. In the first two months of this year alone, the city witnessed a staggering loss of ₹18 crore suffered by 110 individuals.

In a recent case, a 28-year-old armed forces officer stationed at the National Defence Academy (NDA) in Pune found himself swindled in an online share trading scam, losing ₹57 lakh. The fraud unfolded through a deceptive call masquerading as the securities trading platform of a renowned private bank in India. 

The officer, serving at the NDA, conducted nine transactions between February 26 and March 22, amounting to ₹59.77 lakh. He was promised returns totalling ₹2.47 lakh to gain his trust. However when he tried to withdraw ₹40 lakh, he faced demands for hefty commissions. Realizing he had been deceived, the victim reported the incident.” 

Police officials have been urging people to stay alert while transacting online. Fraudsters lure victims with promises of substantial profits from the stock market, trapping them in their schemes.

Detailing the modus operandi, the fraudsters lurk on social media, enticing victims with the prospect of quick riches through online training sessions and promises of expert tips on share trading. Victims are drawn in by phone applications offering investment monitoring and a lucrative financial future.

Initially, victims receive profits, doubling or tripling their investment, fostering trust in illegal platforms. Victims then withdraw from legitimate companies, falling into the trap of fabricated websites and apps.

Highlighting the fact that victims invest large sums on fake platforms, only realizing the scam after a month-long process. They hesitate to withdraw early, enticed by the promise of hefty profits. However, issues arise when victims try to separate their profits from fraudulent accounts. 

Cases have been reported from Viman Nagar, Chatuhshringi, Sinhagad road, Kondhwa, Mundhwa and Bharti Vidyapeeth jurisdiction. 

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