Pune: A 47-year-old software engineer from Tathawade was cheated of Rs 2.17 crore by people who lured him into investing in the stock market through a fake trading app. The app was disguised as that of an Indore-based trading company, which does not have an official app.
The software engineer transferred the money to the suspects between Aug 3 and Sept 17, according to a complaint. A police officer said the complainant, employed as a chief engineer in a prominent Pimpri-based software company, saw a social media post advertising a trading platform on Aug 3. The app showed his portfolio grew by 20%, further encouraging him. “Between Aug 10 and Sept 10, he transferred Rs 2.17 crore to multiple bank accounts. The app showed that his portfolio was worth Rs 3.25 crore,” the officer said. On Sept 15, he tried to divest his portfolio, but the suspects told him that he had not followed the prescribed procedure and told him to transfer Rs 50 lakh to unlock his funds.
He realised he had been duped when he tried to liquidate his portfolio — when he couldn’t, he followed up with the actual Indore-based company, which said it was not involved. “They also showed him fabricated Securities and Exchange Board of India (Sebi) certificates to gain his confidence,” the officer said. “We have sought details of the transactions from the complainant’s bank,” the officer said.
He subsequently approached the crime branch of the Indore police, who transferred the case to their Pimpri Chinchwad counterparts. He clicked on the ad and was automatically added to a group on a messaging platform. He monitored the group for two days and saw the group’s members sharing screenshots of their supposed portfolios, which piqued his interest. He then got in touch with the group’s administrators. They claimed to represent the Indore-based company and offered him opportunities to buy shares and invest in initial public offerings (IPOs). On the suspects’ advice, the man downloaded an app. The complainant initially transferred small sums to the suspects’ bank accounts, but they persuaded him to invest more money. The complainant grew suspicious, visited the company’s Indore office and realised he’d been taken for a ride.
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