Two senior citizens in Kothrud have recently fallen victim to separate online share trading scams, resulting in a total loss of ₹57 lakh. The victims, a retired private sector employee and an ex-serviceman, reported the incidents to the Kothrud Police after discovering the fraud.
In the first case, the 73-year-old retiree was tricked by a con artist posing as a representative of a well-known investment banking firm. The scam began in October 2023, with the victim being promised high returns on stock and IPO investments. Over two months, he transferred a total of ₹38.8 lakh to multiple bank accounts, only to be asked for an additional ₹12 lakh in taxes when trying to withdraw his earnings. When he refused to pay, the fraudsters disappeared.
The second case involved a 61-year-old ex-serviceman who fell for an online stock trading scam between December 2023 and January 2024. Thinking he was investing in legitimate shares, he transferred ₹19 lakh to the scammers’ accounts, only to realize later that he had been deceived.
These incidents shed light on the growing threat of online financial fraud, particularly targeting vulnerable groups like senior citizens and inexperienced investors. The police are currently investigating the cases, working to track the money trail and identify the culprits. They advise the public to exercise caution when dealing with investment offers from unfamiliar sources and to report any suspicious activities to prevent further fraud.
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