Pune Doctor, 75, Loses 12 Crores to Scam Promising Double Returns
Victim’s Trust Exploited by Fraudsters
A 75-year-old doctor from Pune fell victim to a cyber fraud scheme, losing an estimated Rs 12.31 crore. The fraudsters lured him with guarantees of doubling his investment in just 11 days through stock market transactions. The elderly man, trusting their promises of rapid and substantial returns, transferred large sums of money over a period of several weeks.
The deception began in January when the victim received an unsolicited message from an unknown source, offering lucrative returns through investments in the stock market. After indicating interest, the doctor was added to a WhatsApp group named “VIP Stock 24,” where he was frequently presented with seemingly lucrative investment strategies.
The fraudsters consistently assured him that by adhering strictly to their investment instructions, his funds would multiply dramatically within the promised timeframe of 11 days.
Mechanism of Deception
According to police reports, the doctor was directed to a fraudulent trading application that closely mimicked the name of a legitimate and well-known international firm after he expressed interest. He was instructed to provide personal and financial information and to transfer funds to various bank accounts specified by the fraudsters.
These transactions were reported as investments on the counterfeit application, which also displayed false profit figures to lend credibility to the scam.
Financial Transactions and Threats
Between March 7 and March 18, the victim executed eight transactions, amounting to a total of Rs 12.31 crore, sent to multiple accounts controlled by the fraudsters. It was reported that when the doctor grew hesitant about investing further, the perpetrators threatened to take possession of his properties, compelling him to continue sending additional funds.
For nearly three months, the victim continued to transfer money, enticed by the expectation of the promised returns. However, his hopes turned to disillusionment when he received no funds back and the fraudsters kept demanding more. Ultimately, he realized he had been defrauded and sought assistance from local law enforcement.
Police Investigation Launched
Following the victim’s complaint, an FIR was filed at the cyber police station. Authorities have commenced an investigation aimed at identifying and apprehending the scam operators, as well as tracing the financial transactions related to the case.
The incident highlights the ongoing issues related to cyber fraud, especially targeting older individuals who may fall prey to such deceptive schemes promising unusually high returns with little risk.
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Contents
Victim’s Trust Exploited by FraudstersA 75-year-old doctor from Pune fell victim to a cyber fraud scheme, losing an estimated Rs 12.31 crore. The fraudsters lured him with guarantees of doubling his investment in just 11 days through stock market transactions. The elderly man, trusting their promises of rapid and substantial returns, transferred large sums of money over a period of several weeks.The deception began in January when the victim received an unsolicited message from an unknown source, offering lucrative returns through investments in the stock market. After indicating interest, the doctor was added to a WhatsApp group named “VIP Stock 24,” where he was frequently presented with seemingly lucrative investment strategies.The fraudsters consistently assured him that by adhering strictly to their investment instructions, his funds would multiply dramatically within the promised timeframe of 11 days.Mechanism of DeceptionAccording to police reports, the doctor was directed to a fraudulent trading application that closely mimicked the name of a legitimate and well-known international firm after he expressed interest. He was instructed to provide personal and financial information and to transfer funds to various bank accounts specified by the fraudsters.These transactions were reported as investments on the counterfeit application, which also displayed false profit figures to lend credibility to the scam.Financial Transactions and ThreatsBetween March 7 and March 18, the victim executed eight transactions, amounting to a total of Rs 12.31 crore, sent to multiple accounts controlled by the fraudsters. It was reported that when the doctor grew hesitant about investing further, the perpetrators threatened to take possession of his properties, compelling him to continue sending additional funds.For nearly three months, the victim continued to transfer money, enticed by the expectation of the promised returns. However, his hopes turned to disillusionment when he received no funds back and the fraudsters kept demanding more. Ultimately, he realized he had been defrauded and sought assistance from local law enforcement.Police Investigation LaunchedFollowing the victim’s complaint, an FIR was filed at the cyber police station. Authorities have commenced an investigation aimed at identifying and apprehending the scam operators, as well as tracing the financial transactions related to the case.The incident highlights the ongoing issues related to cyber fraud, especially targeting older individuals who may fall prey to such deceptive schemes promising unusually high returns with little risk.
