In a victory against the surging wave of online share trading scams proliferating nationwide, the Cyber Team of Pimpri Chinchwad Police has dealt a severe blow to criminal networks with global connections.
This breakthrough operation, hailed as one of the most significant in recent memory, exposed a sprawling racket masterminded by unscrupulous individuals exploiting the digital domain for illicit gains.
Cops revealed that the scam had an estimated value of ₹4 Crore, five accused individuals were apprehended, and authorities seized ₹7 Lakh in cash.
Furthermore, the investigation unearthed 120 'Mule Accounts' serving as conduits for illicit transactions. These accounts, flagged in over 75 cybercrime cases, were instrumental in facilitating fraudulent activities worth crores of rupees.
What is online trading scam?
This scam begins with victims encountering advertisements on social media or WhatsApp promising free trading tips classes. Upon clicking, they're directed to unfamiliar WhatsApp groups. Fraudsters within these groups convince victims to invest by offering complimentary trading advice for stock transactions. Victims are later encouraged to install trading applications provided by the fraudsters for additional trading guidance, purportedly leading to substantial profits.
