A 75-year-old doctor in Pune has lost around ₹12.31 crore in a sophisticated online stock trading scam after being lured with promises of massive returns, police said.
The fraud began in the last week of January when the doctor received a message from an unknown number listing “recommended” stocks along with a link. After clicking it, he was added to a WhatsApp group where administrators posed as senior executives of a global financial firm, with one claiming to be an author on stock market dynamics, according to a PTI report.
ALSO READ | Gold smuggling racket busted at Bengaluru airport, 5 arrested
Police said the group was designed to appear credible, with several members, believed to be part of the scam, sharing messages of high profits to build trust. The victim was also promised that his investment could grow rapidly, with claims of returns as high as ₹54 crore within 11 days.
“After expressing interest, the doctor was directed to a fraudulent trading application resembling the name of a reputed international firm. He was asked to share personal and financial details before being instructed to transfer funds to multiple bank accounts,” police said, adding that the amounts transferred were reflected as investments on the fake platform, along with fabricated profits, as per the report.
ALSO READ | ₹11.42 cr to digital arrest">73-year-old retired prof, husband lose ₹11.42 cr to digital arrest
{{/usCountry}}ALSO READ | ₹11.42 cr to digital arrest">73-year-old retired prof, husband lose ₹11.42 cr to digital arrest
{{/usCountry}}Between March 7 and March 18, the doctor made eight transactions, transferring a total of ₹12.31 crore to different bank accounts provided by the accused, police said. When he hesitated to invest more, the fraudsters allegedly threatened to seize his properties, forcing him to continue sending money.
The fake application later displayed notional returns of ₹54 crore. However, when the doctor attempted to withdraw funds, he was again threatened, at which point he realised he had been cheated, police said, according to the report.
An FIR has been registered at the cyber police station following his complaint, and efforts are underway to trace the accused and track the money trail, police added.
(With inputs from PTI)