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Promises of High Returns Turn into Nightmare: Contractor Loses Rs 3.25 Crore in Investment Scam

Cybercriminals created a fake website and app, duping a contractor of Rs3.25 crore in an elaborate investment scam. Authorities investigate the multi-state operation



Fake Website, App Lure Pune Contractor into Rs 3.25 Crore Loss
Investor's Nightmare: Contractor Loses Millions to Cleverly Designed Online Scam

PUNE: A contractor in Wakad, Pune, has been duped of a staggering Rs 3.25 crore by cybercrooks who posed as representatives of a well-known online share broking firm. The elaborate scam involved creating a fake website and mobile app, luring the victim with promises of high returns on investments in two upcoming IPOs.

Deceptive Website and App Lure Victim

The victim, who wished to remain anonymous, was looking to invest in IPOs and stumbled upon the fake website while searching online. Believing it to be genuine, he contacted the phone number listed on the site and was connected with a woman posing as a financial consultant.

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Lured by High Returns, Victim Makes Multiple Transfers

The woman, playing the part of a friendly and helpful advisor, convinced the victim to invest Rs 10 lakh initially. He transferred the money to a bank account provided by the scammers and even downloaded a fake app that displayed a seemingly real portfolio with his investment.

Blinded by the promise of high returns, the victim made a series of 15 more transfers over the next few weeks, totaling Rs 3.15 crore. The app, designed to deceive, continuously updated with inflated figures, showing the victim a total of Rs 8 crore as his due amount.

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Reality Sets In, Fraud Uncovered

When the victim attempted to withdraw his money, he was met with disappointment. The app wouldn’t allow withdrawals, and his attempts to contact the “financial consultant” were met with silence. Finally realizing he had been scammed, the victim approached the Wakad police and filed a complaint.

Investigation Reveals Inter-State Scam Network

Initial investigations have revealed that the money was transferred to bank accounts across multiple states, including Tamil Nadu, Andhra Pradesh, Telangana, and Gujarat. This suggests a well-organized cybercrime network operating across state lines.

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Police Urge Caution, Advise Verification

The Wakad police have issued a cautionary statement urging people to be wary of such online scams and to thoroughly verify the legitimacy of any investment platforms before parting with their hard-earned money. They have assured the victim of a thorough investigation and are determined to bring the perpetrators to justice.

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