Officials have also expressed concerns over citizens continuing to fall prey to these scams in spite of several advistories, sensitisation campaigns and wide media coverage in this regard.A 55-year-old Pune IT engineer, who was initially reluctant to invest in a stock market platform, was lured by cyber fraudsters, who deposited Rs 5,400 in his bank account as advance to convince him that the platform was genuine. Within a week of beginning investments, he lost Rs 67.94 lakh to mule accounts provided by the fraudsters as he was convinced that he had earned Rs 8.46 crore.According to the FIR registered by Pune Cyber police, the fraud began in August when the man was added to join a WhatsApp group while searching online for information related to share trading. Members of the group discussed shares and initial public offerings, while one of the women communicating with him claimed to be an agent of an investment company. She told him the group would provide recommendations on shares and IPOs and promised high returns on relatively small investments, the FIR states. The victim initially did not participate and only observed the conversations.To convince him, he was told that Rs 5,000 would be given as an advance to help him make an initial investment. Subsequently, Rs 5,400 was credited in his bank account. The payment convinced him the people were genuine. He then began following investment recommendations in the WhatsApp group and transferring money to bank accounts provided through the platform’s “customer service section”, police said.On September 2, he transferred Rs 9.70 lakh. Few days later, he made two further transfers — Rs 31 lakh and Rs 27.24 lakh — taking his total investment to Rs 67.94 lakh. The platform displayed Rs 8.46 crore as the balance in his trading account. When he tried to withdraw the amount, however, he was told he would first have to pay Rs 1.17 crore as brokerage charges. The demand raised his suspicion.The man was already trading through other share-trading platforms and knew such a procedure was not followed there. He decided to verify the company. On September 15, he visited the Mumbai office of the company whose name was misused by the fraudsters for the fake platform. It was then that he realised he had been a victim of fraud. He subsequently contacted the cybercrime helpline 1930 and reported the fraud and complaint was also registered with the Pune Cyber Police.The Pune and Pimpri Chinchwad police have witnessed a worrying surge in online share trading fraud cases over the past three years. Fraudsters employ a variety of baits, including trading tips, virtual lectures, mobile applications, and enticing promises of exorbitant returns. Officials have also expressed concerns over citizens continuing to fall prey to these scams in spite of several advistories, sensitisation campaigns and wide media coverage in this regard.