Pune retiree scams Rs 2.5 crore in trading fraud

A 66-year-old retired man from Sangvi, Pune, lost Rs2.5 crore in an online share trading scam. He invested his entire post-retirement savings, took a loan against his mutual fund, and borrowed money from friends. Frustrated and realizing he had been cheated, he filed a complaint with the cyber police on Monday. The fraud began in January when the criminals contacted him through social media. They claimed to be from a well-known securities and capital market company. The scammers promised good profits on stock market investments and added him to a group on a messaging app where he received training. The man was convinced to invest and transferred money to several bank accounts given to him. He could see profits displayed on the app. However, each time he tried to withdraw money, the scammers invented reasons to keep him transferring more funds. Over several weeks, he sent Rs2.5 crore to the fraudsters. The police have registered a case for criminal breach of trust and cheating. They are currently investigating and have requested transaction details from the victim's bank. In another related case, an employee from Chinchwad lost Rs23.7 lakh in a similar online trading scam last year. The police have opened an investigation into his complaint as well.