Surge in Financial Frauds Targets Pune Residents, Prompting Intensive Investigations
Pune: A chartered accountant residing in Baner fell victim to a staggering online investment scam, losing a whopping Rs 3 crore between January and February this year. His unfortunate experience adds to a growing list of victims in Pune who have collectively lost crores of rupees to fraudulent schemes, including officers from the National Defence Academy (NDA) and housewives, during the first quarter of 2024.
The cyber police department in Pune has noted a drastic surge in cases involving fraudulent activities linked to online share trading. In the first three months of 2024 alone, a staggering 204 cases have been reported, marking a significant increase from the 53 cases reported in the entirety of 2023.
Fraudsters operating in these scams entice victims with the promise of high returns on investments through manipulated online trading platforms. This surge in financial frauds post-Covid is attributed to people’s eagerness to explore investment opportunities, particularly in the share market, without adequate knowledge or precautionary measures.
Investigations have revealed that the fraudsters operate using servers based in foreign countries, complicating efforts to trace and apprehend them. They often utilize local individuals with bank accounts to facilitate money transfers, making it exceedingly challenging for victims to claim refunds.
According to a senior officer involved in the investigation, “Our findings indicate that the main conspirators behind these scams are using servers located abroad. They employ local individuals with bank accounts, misusing them to facilitate money transfers. Victims find it difficult to claim refunds as these cases fall outside the jurisdiction of SEBI.”
The modus operandi typically involves scripted messages on online platforms to lure victims. Initially, fraudsters invest money using their accounts to showcase profits and deceive victims. To combat these fraudulent activities, cyber police are collaborating with messaging application offices to track down perpetrators and obtain crucial transactional details.
In response to the escalating number of complaints related to online share trading scams, senior police officials have centralized efforts to streamline investigations and identify common perpetrators, aiming to bring them to justice and prevent further victimization.
