47-Year-Old Pune Techie Loses ₹2.17 Crore In Online Trading Fraud In Indore
Indore (Madhya Pradesh): Cyber fraudsters allegedly cheated a 47-year-old Pune-based software engineer of Rs 2.17 crore through a fake share trading app by misusing the identity of an Indore-based financial services company. The fraud surfaced when the victim visited Indore in the third week of September after facing difficulties withdrawing his money. Company officials denied any association…
A 47-year-old software engineer from Pune lost ₹2.17 crore in an online trading scam in Indore, India, according to prosecutors. The fraudsters allegedly used a fake share trading app, which appeared to be associated with an Indore-based financial services company. The victim, who initially invested ₹30,000, was then convinced to transfer larger sums for IPO allotments, eventually sending the scammers a total of ₹2.17 crore.
The victim visited Indore in late September, after encountering difficulties withdrawing his funds. Upon arrival, he reported the incident to the Indore cyber police, who subsequently handed the case to the Pimpri-Chinchwad police in Pune for investigation. The company in question denied any involvement in the fraudulent app or investment scheme.
The fraudsters allegedly posed as representatives of the Indore firm and offered investment guidance through a WhatsApp group called Capital Strategy Community. They directed the victim to download a trading app, which displayed a purported Securities and Exchange Board of India (SEBI) certificate to appear legitimate. The app displayed investments and profits amounting to around ₹3.25 crore.
In September, the victim managed to withdraw only ₹95,000. Subsequent withdrawal requests were blocked, and the fraudsters demanded an additional ₹50 lakh to release the remaining funds. His final visit to Indore exposed the fraudulent activity.
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