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A 53-year-old Indian Air Force (IAF) veteran from Pune has lost ₹97 lakh in a sophisticated online share trading scam, after being manipulated into taking loans worth ₹55 lakh to “save” his supposed profits. Cyber fraudsters lured the retired officer through a fake trading app, showing him fictitious earnings of ₹4.44 crore to keep him investing.
From Advertisement Click to ₹97 Lakh Loss: The Fraud Unfolded
The ordeal began when the veteran clicked on an online advertisement for a share trading platform. Soon after, he was added to a WhatsApp group administered by individuals posing as stock market experts. Members of the group sent him a link to download a trading app, urging him to enter his personal and financial details.
Within days, the scammers began sharing “exclusive trading tips” and directed him to transfer money to specific bank accounts for “high-return trades.” Each transaction he made was reflected on the fake app — showing large, fictitious profits that created an illusion of legitimate success.
Manipulated into Debt Under IPO Pretext
When the officer exhausted most of his savings, the fraudsters claimed a lucrative Initial Public Offering (IPO) opportunity was available — but only for a limited time. They warned that if he did not invest immediately, his previous “profits” would vanish. Under psychological pressure, he took a ₹30 lakh personal loan and a ₹25 lakh gold loan, continuing to send funds to the accounts shared by the scammers.
Investigations later revealed that these funds were dispersed across multiple “mule accounts” located in Satara (Maharashtra), Kolkata and 24 Parganas (West Bengal), Barpeta (Assam), Palakkad (Kerala), Indore and Dhar (Madhya Pradesh), and Khordha (Odisha).
Tax Demand Exposed the Scam
When his supposed balance on the fraudulent app reached ₹4.44 crore, the scammers demanded 20% of the total earnings as “tax” before the funds could be withdrawn. This triggered suspicion, prompting the veteran to approach the Cyber Crime Police Station, where an FIR was subsequently registered.
Rising Trend of Online Investment Scams
According to Pune and Pimpri Chinchwad police officials, online trading fraud cases have witnessed an alarming spike over the past two years. Fraudsters increasingly exploit investor greed and trust through fake mobile apps, virtual seminars, and WhatsApp or Telegram groups promising “guaranteed high returns.”
Despite repeated awareness campaigns and extensive media coverage, authorities remain concerned that citizens continue to fall prey to such scams.
Expert View: ‘A Classic Case of Social Engineering’
Cybercrime expert and former IPS officer Prof. Triveni Singh described the incident as a textbook example of emotional and psychological manipulation.
“Scammers use a mix of social engineering, emotional blackmail, and greed to trap victims. They first build trust, then create artificial profits to lure victims into a cycle of reinvestment,” Singh said.
He noted that victims often perceive themselves as savvy investors, making them even more vulnerable to subtle manipulation.
“No legitimate financial platform will ever ask for investments through WhatsApp links or unknown apps. If the returns look unbelievably high, that’s the first red flag — because in finance, there are no shortcuts,” he added.
Cyber Officials Urge Caution
Cybercrime units have urged the public to verify the authenticity of any investment platform before downloading apps or transferring funds.
“Think before you click, verify before you invest — that’s the only true safeguard in the digital era,” a senior Pune Cyber Crime officer said.
