Cybercriminals Defrauded A Retired Bank Officer of ₹2.33 Cr While Displaying A Profit of ₹11 Cr
Cybercriminals Defrauded A Retired Bank Officer of ₹2.33 Cr While Displaying A Profit of ₹11 Cr
The complainant was tricked into completing 19 transactions totaling ₹2.33 crore over the course of seven days, with the application indicating gains of ₹11.72 crores.
In an online share trading scam, a 63-year-old retired bank official in Pune lost an incredible ₹2.33 crore. Cybercriminals used his financial credentials to obtain a ₹92 lakh loan, which they then siphoned off into fraud, in addition to tricking him into sending money under the guise of investments. He was tricked into thinking he had made 11 crore.
The 63-year-old Khadki resident, who retired from a public sector bank, filed a First Information Report (FIR) in the matter earlier this week at Pune’s Cyber Crime police station.
The victim was forced to utilize a phone app that was false and imitated the name of a reputable brokerage firm by the cybercriminals. Additionally, as the administrator of the phony WhatsApp group that the victim was added to, the cybercriminals exploited the names of the company’s chairman and managing director.
According to the FIR, an unknown number called the complainant. He was offered the opportunity to join a share trading system that would yield enormous profits on his money by the woman on the phone.
Following his consent, the complaint was connected to a WhatsApp group that improperly utilized the brokerage firm’s name. The complainant thought the name was reliable since he looked it up and discovered that the WhatsApp group administrator’s name was also the company’s CMD.
He found the scam more credible because the group administrators continued to post share market trading tips, and other members continued to submit screenshots of their large winnings.
The plaintiff was forced to download a phony share trading application and provide his personal and banking information on a registration form.
Fraudsters posing as administrators and experts were exchanging information about stocks to invest in on the WhatsApp group. Details of phony bank accounts to which money may be transferred were provided to the complainant. The false application showed each of his transactions along with the corresponding large earnings.
Once, when the victim was running low on cash and the scammers were requesting more and more money, they took advantage of the victim’s credentials to get a ₹92 lakh loan in his name.
The complainant was tricked into completing 19 transactions totaling ₹2.33 crore over the course of seven days, with the application indicating gains of ₹11.72 crores.
He was forced to transfer funds to fictitious mule accounts that were set up in banks in Hyderabad, Mumbai, Ludhiana, Madhya Pradesh, Rajkot, Ahmedabad, and Bihar, among other places.
The complainant was required to pay 20% tax on his gains when he attempted to withdraw them. He became aware that he had been duped when he dialed the number of the business whose name had been used fraudulently. After that, he went to the police, and the Cyber Crime Police Station received a formal complaint.
Over the past 1.5 years, the Pune and Pimpri-Chinchwad police have seen an alarming increase in cases of online share trading fraud.
A range of baits is used by scammers, such as trading advice, online seminars, smartphone apps, and alluring claims of enormous profits.
Officials have also voiced worries about the fact that despite numerous warnings, awareness-raising initiatives, and extensive media attention, residents are still falling for these frauds.
About the Author:
Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space. Besides writing for the News4Hackers blogs, he also writes for brands including Craw Security, Bytecode Security, and NASSCOM.
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