75-year-old Pune doctor scammed of Rs 12.3 crore in share trading fraud

Pune: In a shocking cyber fraud case in Hadapsar, Pune, a 75-year-old doctor reportedly lost Rs 12.31 crore to online fraudsters who promised high returns through share trading.  

According to the news reports, the scam unfolded between January 30 and March 20, during which the doctor transferred amounts ranging from Rs 30 lakh to Rs 3 crore to the fraudsters who had lured him with promises of 8–10% returns within a few months.

This has been reported as the second-largest cyber fraud in Pune so far this year. The victim, a general physician (GP), whose son is also a prominent doctor, reportedly lost the amount in just 39 days. 

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Speaking to TOI, Senior inspector Swapnali Shinde of Pune Cyber Police said, "The GP told us that his cellphone was added to a group on a messaging application, where its members discussed high returns generated from online share-trading. He read all these messages and was impressed with the profits the group members generated based on tips from the group admin. He then contacted the group admin and showed interest in making such investments.”

The group admin then sent the physician a link to download an online share trading mobile application. The doctor began investing but did not initially make significant profits. Seeing this, the admin persuaded him to invest in so-called high-value shares.

Initially, the physician’s investments failed to yield the promised returns. The scammers then convinced him to invest in “high-value shares” and provided eight different bank accounts for transferring money. Over 39 days, the doctor reportedly lost a total of Rs 12.31 crore. The app displayed a fake profit of Rs 54 crore.

Realising something was amiss, the physician approached the Pune Cyber Police. Senior Inspector Shinde said, “When the complainant decided to sell the shares for profit, the fraudsters kept on demanding more money from him. He then realised that he had been cheated." 

Also Read:Pune doctor duped of Rs 2.09 lakh by fraudsters posing as bank officials