Katraj shopkeeper loses Rs 64 lakh to online share fraud

Pune: Online fraudsters allegedly cheated a 53-year-old shopkeeper from Katraj of Rs 63.85 lakh by luring him with promises of high returns through online share trading.According to Pune Cyber police, the fraud took place between March and May this year.

The victim submitted a complaint in May, following which the police verified the allegations and registered an FIR on Wednesday evening.Police said the fraudsters added the complainant’s phone number to a group on a messaging app where members regularly discussed substantial profits from share trading. Impressed by the messages, the complainant contacted the group admin and expressed interest in investing in online shares.The admin then asked the shopkeeper to download a trading application.“Initially, the complainant invested in low-value shares through the app. Later, the admin persuaded him to invest in high-value shares, promising significantly higher returns and assistance with the transactions,” a police officer said.The fraudsters subsequently shared details of seven bank accounts and convinced the complainant to transfer a total of Rs 63.85 lakh to them.

Police said the trading app later displayed profits of more than Rs 1 crore.“However, when the complainant attempted to sell the shares and withdraw the money, the fraudsters prevented him from doing so. Realising that he had been duped, the complainant approached the police,” he said.