Fake Profits, Blocked Withdrawals: How A Goa Man Lost Rs 39 Lakh To Online Investment Fraud

Two Pune men have been arrested in Goa for cheating a 60-year-old of Rs 39.01 lakh through a fake online share investment scheme. The complainant allegedly transferred money after being shown fictitious profits on an investment app but was asked for more money when he tried to withdraw it. Police said Rs 23.12 lakh has been secured.

Goa Cyber Crime Police have arrested two men from Maharashtra's Pune district for allegedly cheating a 60-year-old man of Rs 39.01 lakh through a fraudulent online share investment scheme. Police said Rs 23.12 lakh of the complainant’s money has been secured so far. The accused, identified as Sagar Prakash Dholvi and Ajinkya Ravindra Abhang, were arrested on October 23 and 24, respectively. They are residents of Narayangaon and Alephata areas of Pune district.

How the online investment fraud unfolded

According to Superintendent of Police (Cyber Crime) Jivba Dalvi, the case was registered on October 3 after the Porvorim resident reported losing Rs 39,01,047 between August 21 and September 28.

The complainant alleged that the accused contacted him through WhatsApp and persuaded him to invest in an online share trading scheme. He transferred money to several bank accounts after being shown what appeared to be profits on an investment application.

However, when he tried to withdraw his investment and the displayed profits, he was asked to make additional payments. The accused allegedly stopped responding after seeking more money, prompting the complainant to approach the police.

Money traced to accused

The investigation found that Rs 10.8 lakh had been transferred to a bank account linked to Abhang, while Rs 12 lakh had gone to an account belonging to Dholvi, Dalvi said. Police have secured Rs 23.12 lakh belonging to the complainant.

The two men were arrested under provisions of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act. The investigation was conducted by a Goa Cyber Crime Police team led by Sub-Inspector Anil Polekar.

Police issue cyber fraud warning

Police have urged the public to be cautious about investment offers circulated through social media and messaging apps, especially schemes promising guaranteed or unusually high returns.

People who suspect they have been targeted by online financial fraud should report it immediately by calling the national cybercrime helpline 1930 or filing a complaint at cybercrime.gov.in, police said.

(With inputs from agencies)