Pune businessman falls victim to ₹24 lakh share market fraud

A businessman from Chinchwad has been swindled out of ₹24 lakh in a share market fraud scheme. The victim joined a WhatsApp group and invested in phases, but the accused blocked his number after he increased his investment. A case has been registered and an investigation is underway.

A 47-year-old businessman hailing from Chinchwad has been swindled out of ₹24 lakh in a share market fraud scheme that unfolded since December 2023, said officials.

Police said, the victim received a message on his number luring him to join their WhatsApp group in order to earn good returns from the share market. (REPRESENTATIVE PHOTO)

The incident was reported between December 4, 2023 and January 29, 2024.

The victim has been identified as Santosh Eknath Gaikwad (47) from Chinchwad.

Police said, the victim received a message on his number luring him to join their WhatsApp group in order to earn good returns from the share market. Accordingly, the victim joined the group and invested ₹1 lakh, ₹3 lakh and ₹20 lakh in a phase wise manner. Initially, he earned ₹ 60,000 profit on his investment but as soon as he increased his investment the accused blocked his number.

On Saturday, the victim approached Nigdi police station and registered a police complaint against the accused.

Police have registered a case based on the complaint and have initiated a thorough investigation to trace the culprits behind this financial fraud.

Preliminary inquiries suggest that the fraudsters operated through complex financial schemes and employed various tactics to gain the trust of the unsuspecting businessman.

A case has been registered under sections of 420 of the Indian Penal Code (IPC) and sections 66 (d) of the Information Technology Act.