Colonel: Retired Falls Victim to Online Fraud in Pune
Retired Colonel Falls Victim to Online Fraud in Pune
A 67-year-old retired Army colonel from Ambegaon Khurd, Colonel Sandeep Srivastava, has lodged a complaint with the Pune cyber police regarding a significant online fraud incident. The retired officer reported a loss of Rs 1.03 crore, which he incurred through a deceptive share-trading scheme that took place between October and December of the previous year.
The fraud began when Colonel Srivastava’s phone number was added to a messaging application group that promised high returns from share trading. Initially, he was encouraged to purchase low-value shares, but as the scheme progressed, he was advised to invest in high-value shares and initial public offerings (IPOs). The group administrator facilitated the process by sharing details of 15 different bank accounts for the colonel to transfer his money.
As the situation unfolded, the application used by the fraudsters displayed a profit of more than Rs 4 crore after the colonel transferred his funds. However, the suspects did not allow him to sell the shares or withdraw any of the purported profits, leaving him unable to recover his investment. Senior inspector Swapnali Shinde noted, “The victim stays with his family,” indicating the emotional toll this incident has taken on him.
This incident highlights a growing trend of online share-trading frauds, where scammers manipulate victims by promising unrealistic returns. Such schemes often target individuals who may not be fully aware of the risks associated with digital investments. The case of Colonel Srivastava serves as a cautionary tale for others considering similar investments.
In a related development, Colonel Srivastava has also ventured into the hospitality industry by opening a homestay in Lucknow, named Chandrakanta Farm Stay, after his daughter suggested the idea. The homestay charges Rs 1,500 for a room and is part of a broader initiative by the Uttar Pradesh government, which aims to establish 50,000 homestays across the state.
Reflecting on his new venture, Colonel Srivastava stated, “What began as an idea from my daughter has turned into something that keeps us engaged and connected with people.” He further expressed that “the house feels alive again,” indicating a positive shift in his life following the distressing fraud incident.
As authorities continue to investigate the online fraud case, the community remains vigilant against such scams. The rise of digital platforms has made it easier for fraudsters to exploit unsuspecting individuals, underscoring the need for increased awareness and education regarding online investments. Details remain unconfirmed regarding the progress of the investigation and any potential leads on the suspects involved.
