Pune Doctor Wanted To Double His Money In 11 Days. He Lost Rs 12 Crore

A 75-year-old doctor from Pune was cheated of Rs 12.31 crore by cyber fraudsters who promised to double his money in just 11 days by investing in the stock market.

The fraudsters assured the elderly man that an investment made through them would fetch him returns of as much as Rs 54 crore within 11 days. Trusting the promise of quick and massive profits, the victim continued transferring money over several weeks.

The cheating began in January this year when the victim received a message from an unknown number offering high returns through stock market investments.

After he showed interest, the cyber fraudsters added him to a WhatsApp group called "VIP Stock 24." Through this group, the accused shared investment plans that appeared attractive and profitable.

The man was repeatedly told that if he followed their instructions exactly, his money would multiply within just 11 days.

Fake Trading App, False Profits

According to police, after expressing interest, the victim was directed to a fraudulent trading application that closely resembled the name of a reputed international firm.

He was asked to share his personal and financial details and was then instructed to transfer funds to multiple bank accounts. The amounts he sent were shown as investments on the fake app, along with fabricated profits that made the scheme appear genuine, news agency PTI reported.

Rs 12.31 Crore Transferred In 8 Transactions

Between March 7 and March 18, the victim carried out eight financial transactions, transferring a total of Rs 12.31 crore to eight different bank accounts provided by the fraudsters.

Police said that when the man hesitated to invest more money, the accused allegedly threatened to seize his properties, forcing him to continue transferring funds.

Over the course of nearly three months, the victim kept transferring money, expecting the promised returns. However, when no money was returned and the fraudsters continued demanding more funds, he realised he had been cheated. He then approached the police and filed a complaint.

Based on the complaint, an FIR has been registered at the cyber police station. Police have launched an investigation to trace the accused and track the money trail, PTI reported.