In a disturbing case of online share trading fraud, a Pune woman in her late 50s fell victim to a scam that resulted in the loss of a staggering Rs 3 crore from her life savings. The elaborate scheme, which utilized captivating Instagram advertisements and the lure of a ‘trial seed fund’ of Rs 10,000, highlights the increasing sophistication of cyber criminals in exploiting unsuspecting victims.

The woman, residing in the Mohammadwadi area of Pune, was initially enticed by an advertisement promising multifold returns on investments. Upon clicking the link, she was added to a WhatsApp group where members boasted of substantial profits earned through equity investments. After two months of reading such messages, she was offered a ‘seed amount’ of Rs 10,000 for investment, which was directly transferred to her account.

Subsequently, she was directed to download and log on to a phone-based application, which was later revealed to be fraudulent. Over the next month, cyber criminals manipulated her into making 30 transactions totaling Rs 3.04 crore to 12 fraudulent bank accounts. Despite the exorbitant amounts involved, the app falsely displayed profits of Rs 20.66 crore against her investments, lulling her into a false sense of security.

However, when she attempted to withdraw the purported profits, she was informed that she would need to pay 30% of the total profits as charity and 10% as fees before accessing her funds. It was at this juncture that she realized she had been duped and promptly reported the incident to the Cyber crime police station, resulting in the registration of an FIR.

This incident underscores the urgent need for vigilance and awareness among the public regarding online frauds, particularly in the realm of share trading. With cyber criminals employing increasingly sophisticated tactics and exploiting social media platforms to lure unsuspecting victims, it is imperative for individuals to exercise caution and skepticism when encountering investment opportunities that seem too good to be true.

Furthermore, regulatory bodies such as SEBI have issued advisories cautioning against fraudulent trading schemes and emphasizing the importance of due diligence and verification before engaging in any financial transactions. By staying informed, exercising caution, and reporting suspicious activities promptly, individuals can help combat the growing menace of online fraud and protect their hard-earned savings from exploitation.