Pune Student Loses Rs 83.8 Lakh In Fake Foreign Stock Market Investment Scam

Pune: A 22-year-old student from Chikhali has allegedly lost Rs 83.8 lakh in a cyber fraud after being lured with promises of up to 500% returns on investments in foreign stock markets, shares and initial public offerings (IPOs), police officials said on Wednesday.

The cyber police registered a case on Tuesday against two persons and several bank accounts and online platforms allegedly linked to the fraud. The case has been registered under Sections 316(2), 318(4) and 3(5) of the Bharatiya Nyaya Sanhita (BNS) and Section 66(d) of the Information Technology Act of 2000.

How Did The Incident Fold?

According to police reports, the complainant, Naved Zubed Choudhary, was allegedly approached by the accused between 2nd February and 6th June. He was sent links to an online investment platform and a website appearing to be connected with the Securities and Exchange Board of India (SEBI).

Investigators said that the accused allegedly also shared a fake Foreign Portfolio Investor (FPI) certificate to gain Choudhary’s trust. He was then allegedly promised returns of up to 500% on investments in foreign stock markets, share markets and IPOs.

Police said Choudhary initially invested money through the platform. After the investments were made, a profit of around Rs 20 lakh in US dollars was allegedly shown in his account. The trouble reportedly began when he tried to withdraw the money.

Case Registered, Investigation Underway…

According to the complaint, the accused told Choudhary that he needed to pay various charges before the money could be released. These included conversion fees, filing fees, capital gains tax, insurance charges, SEBI charges, licence fees, GST and broking.

Choudhary allegedly transferred money to several bank accounts on these pretexts. The total amount transferred reached Rs 83.8 lakh. However, when he later tried to withdraw his investment and the displayed profits, neither the principal amount nor the profits were returned, police said.

The complainant then approached the cyber police, alleging that the accused had gained his confidence using the fake documents and online links before dishonestly obtaining his money.

The police are now investigating the bank accounts and online platforms allegedly used to receive the money. They are also verifying the identities and roles of the persons named in the complaint. Police Inspector Gaikwad is investigating the case.

Chinchwad Construction Deal Fraud Case…

In a separate case registered at the Chinchwad police station, a 33-year-old woman has alleged that she was cheated of Rs 11.07 lakh in a land development deal.

The complainant, Sharada Abhijit Pawar, is engaged in the medical store business. She alleged that a construction businessman, Amol Raosaheb Gaikwad, had proposed jointly developing plots owned by him with her and her associates.

According to the complaint, the discussions began in November 2023. Gaikwad allegedly collected Rs 27.5 lakh online from Pawar and her associates in connection with the proposed development.

However, the accused later cancelled the deal. He reportedly returned Rs 25.5 lakh but allegedly failed to return the remaining Rs 1.5 lakh. Pawar also alleged that the accused had promised compensation of Rs 9.57 lakh. The total amount allegedly remaining to be paid was therefore Rs 11.07 lakh.

The complainant alleged that despite repeated demands, the amount was not returned. Chinchwad police registered a case under Sections 318(4) and 316(2) of the BNS. Police Sub-Inspector Jadhav is investigating the case.