The stock market continues to be a hotspot for fraudulent schemes, preying on individuals with promises of high returns. Despite efforts to raise awareness against such scams, many still fall victim to the allure of quick wealth. In a recent incident in Pune, a woman was duped of over Rs 24 lakh after being lured into a fraudulent online share trading scheme.

The fraud unfolded between january 2 and february 4, as reported by Times of India. The woman initiated her trading activities through a mobile app recommended by the fraudsters. They enticed her with promises of rapid returns, leading her to invest Rs 24.12 lakh, including funds from her savings and proceeds from selling her jewellery.

The fraudsters communicated with the woman through the share trading app, where they propagated the illusion of lucrative returns. Believing their claims, she responded to their messages and became ensnared in their deceitful scheme. Subsequently, she was added to a group discussing profits from share trading, further reinforcing the illusion of legitimacy.

The fraudsters instructed the woman to transfer funds to four different bank accounts. Trusting their instructions, she complied and transferred the substantial sum of money. However, when the scammers demanded additional funds, she became suspicious and realized she had been swindled. In february, she reported the incident to the cyber police, leading to the registration of an FIR on Wednesday.

The police are now investigating the case and have requested action from the banks involved. This incident highlights the prevalence of investment fraud in Pune, with 117 cases reported in the last two months alone. It serves as a cautionary tale for individuals to exercise caution and conduct thorough research before engaging in financial transactions, especially in the realm of online trading.