Description

The Cyber Crime Police Station in Pune City has launched an investigation into a sophisticated share trading scam that defrauded a 49-year-old chartered accountant of a staggering ?3.4 crore. The victim, employed at a private company in the city, fell prey to a WhatsApp group masquerading as a renowned British financial institution. Promising lucrative returns through 'block trade' and 'upper circuit trading', the group enticed the victim into downloading an app-based stock trading platform after encountering a link on Facebook in February. Over subsequent weeks, the victim received purported 'tips' for various stock investments and investment opportunities, leading to substantial payments ranging from ?50,000 to ?1 crore. To facilitate these transactions, he acquired loans exceeding ?2 crore from two banks, all under the false belief of substantial returns via the phone-based application. As the victim sought to withdraw funds, he was coerced into donating a portion to charity, prompting a closer examination of the trading platform's details. It was then that the deception became apparent, prompting the victim to report the incident to the cyber crime cell, resulting in the lodging of an FIR. Cyber investigators highlight an escalating trend in online share trading fraud cases, with perpetrators leveraging tactics such as trading tips, online lectures, phone-based apps, and promises of exceptionally high returns. In response, the Securities and Exchange Board of India (SEBI) issued a cautionary advisory on February 26, alerting against fraudsters impersonating SEBI-registered entities and exploiting social media to promote fraudulent trading schemes.