Engineer Defrauded of ₹1.81 Crore in Online Share Scam

A 34-year-old engineer from Pune has fallen victim to an elaborate online share-trading scam, losing a staggering ₹1.81 crore between August and October 2022. This significant financial loss comprised not only his life savings but also funds borrowed from close family members, including his wife, brother, and father.

The ordeal began when the engineer was approached by a criminal via a mobile messaging app in June 2022. The perpetrator provided information about lucrative investment opportunities and promised substantial profits in the stock market. Following this initial contact, the engineer was invited to join a group of investors, where he was assured of a remarkable 700% profit on his investments.

As the scheme progressed, the engineer received guidance on share trading techniques. He was instructed to purchase stocks in the upper circuit and invest through block trading. Believing in the legitimacy of these instructions, he started transferring significant amounts of money to bank accounts provided by the fraudsters.

Between August and October 2022, the engineer transferred a total of ₹1.81 crore, consisting of ₹1.1 crore from his bank account, ₹33.5 lakh from his brother’s account, ₹22.6 lakh from his wife’s account, and ₹15 lakh from his father’s account.

Initially, the engineer was led to believe that his investments had yielded a profit of ₹14.53 crore. However, when he attempted to withdraw the funds, he was informed that he needed to pay a tax of ₹3 crore on his profits. When the engineer requested that this tax be deducted from his profits, communication with the fraudsters abruptly ceased.

The Pune Cyber Police have initiated an investigation following the engineer’s report, which was filed online. An officer from the department revealed that the investigation has traced the victim’s money to various bank accounts across India, including locations in Gurgaon, Haryana; Bokaro, Jharkhand; Howrah, West Bengal; and Vizianagaram, Andhra Pradesh. Authorities have sought transaction details from the respective banks to further the investigation.

This incident underscores the growing threat of cyber fraud, particularly in investment schemes that promise unrealistic returns. The case serves as a poignant reminder for individuals to exercise caution when approached with investment opportunities, especially through online platforms.