Pune Witnesses Surge In Cyber Fraud: 110 Individuals Fall Victim, Lose ₹18 Crore In 2 Months

Pune Witnesses Surge In Cyber Fraud: 110 Individuals Fall Victim, Lose ₹18 Crore In 2 Months

Hadapsar, Kondhwa, Chaturshringi, Sinhagad Road, Viman Nagar, and Mundhwa are the areas predominantly targeted by cyber fraudsters

Ankit ShuklaUpdated: Wednesday, March 27, 2024, 03:33 PM IST
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Pune Witnesses Surge In Cyber Fraud: 110 Individuals Fall Victim, Lose ₹18 Crore In 2 Months | Freepik

The incidents of cyber fraud are escalating in Pune, with cybercriminals employing increasingly sophisticated tactics to deceive victims. In just the months of January and February this year, the city has witnessed a staggering loss of ₹18 crore incurred by 110 individuals.

In a recent incident, a 28-year-old armed forces officer posted at the National Defence Academy (NDA) in Pune fell victim to an online share trading scam, losing ₹57 lakh. The victim was cheated through a fraudulent call made in the name of the securities trading platform of a reputed private sector bank in India. The officer lodged an FIR at the Uttam Nagar Police Station on Monday.

Senior Police Inspector Yusuf Shaikh, of the Uttam Nagar Police Station, stated, "The officer, currently stationed at the NDA in the city, made a series of nine transactions between February 26 and March 22, amounting to ₹59.77 lakh. During these transactions, he was enticed with returns totalling ₹2.47 lakh, to gain his trust in the scheme."

"Later, the officer invested more. However, the situation took a sinister turn when he attempted to withdraw ₹40 lakh, only to be met with demands for exorbitant commissions. Realising he had been duped and unable to withdraw his invested amount, the victim complained to the Uttam Nagar Police Station," added Shaikh.

Speaking to The Free Press Journal, Minal Patil, Senior Police Inspector at the Cyber Police Station, said, "Victims are lured with the promise of huge profits from the stock market and easily entangled in the fraudster's net."

Describing the modus operandi, Patil said, "Fraudsters are present on every social media platform, approaching people and enticing them with promises of huge profits in a short period. They often offer online training sessions purportedly conducted by experts, providing advanced lessons and tips on share trading. Additionally, victims are attracted by phone-based applications promising constant monitoring of investments and the allure of a prosperous financial future."

"For example, in the first step, victims receive a profit, doubling or tripling their invested money. Following the profit, victims trust illegal websites or apps blindly. Unfortunately, believing in fraudsters, victims withdraw their money from actual trading companies and invest in fabricated websites and apps," she added.

"Victims are investing crores of rupees on fake portals, only to realise the scam too late because it is a process lasting more than one month. No one wants to withdraw early, lured by the promise of huge profits. However, issues arise when victims want to split their profitable amount from fabricated accounts," explained the Senior Police Inspector.

She informed that areas such as Hadapsar, Kondhwa, Chaturshringi, Sinhagad Road, Viman Nagar, Mundhwa, and Bharti Vidyapeeth are major jurisdictions targeted by fraudsters.

"We have urged higher officials to increase the Cyber Police team to curb this crime," she concluded.

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