Cyber crime investigators in Pune City have launched a probe into a distressing case where a 49-year-old chartered accountant, employed at a private firm in the city, fell prey to a sophisticated share trading scam, losing a staggering ₹3.4 crore.
The victim was enticed into a WhatsApp group impersonating a renowned British financial institution, enticing him with promises of high returns through ‘block trade’ and ‘upper circuit trading’.
The elaborate ruse involved persuading the victim to download an app-based stock trading platform after he encountered a link on Facebook back in February.
In the ensuing weeks, the victim received purported ‘tips’ for various stock investments and investment opportunities, which led him to make numerous substantial payments ranging from ₹50,000 to ₹1 crore. To facilitate these transactions, he took loans amounting to over ₹2 crore from two banks, all while under the illusion that he was reaping significant returns on his investments through the phone-based application.
Cyber investigators have observed a concerning uptick in online share trading fraud cases, with perpetrators employing a variety of tactics including trading tips, online lectures, phone applications, and promises of exceptionally high returns. Responding to this trend, the Securities and Exchange Board of India (SEBI) issued an advisory on February 26, cautioning against fraudsters masquerading as SEBI-registered entities and leveraging social media to peddle fraudulent trading schemes.
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