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A 70-year-old Pune resident lost ₹2.1 crore after an investment scam was followed by threats of arrest in a criminal case.
How Did the Investment Fraud Begin?
A 70-year-old resident of Mundhwa in Pune allegedly lost ₹2.1 crore after fraudsters first attracted him with promises of substantial investment returns and subsequently threatened him with arrest in a money-laundering case. The fraud reportedly took place between August 2025 and October 2026, and an FIR was registered on Saturday.
According to the complaint, the elderly man previously operated his own business, which he had sold, and was living alone. He came across an online advertisement featuring prominent businessmen, Union ministers and athletes, promoting an investment scheme promising high returns.
After contacting the number provided in the advertisement, he spoke to a person claiming to be the manager of a UK-based investment company. The caller persuaded him to invest ₹20,000, promising to quadruple the amount within a week.
How Did the Fraudsters Gain His Confidence?
The complainant initially transferred ₹20,000 through UPI and received ₹80,000 within a week. This apparent return encouraged him to invest another ₹5 lakh, followed by progressively larger amounts.
Police said the man transferred ₹1.07 crore in a single transaction during the investment process. His online portfolio eventually displayed an increase of ₹2.8 crore, prompting him to attempt a withdrawal. However, when he tried to withdraw the money, he was denied access to the funds. The displayed investment gains could not be converted into an actual withdrawal.
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How Was He Threatened With Arrest?
On July 2, the complainant received a telephone call from a man impersonating an official of the Telecom Regulatory Authority of India (TRAI). The caller claimed that his mobile number had been linked to a criminal case and told him to expect another call from the Mumbai Crime Branch.
The elderly man was subsequently threatened with arrest in a money-laundering case. The fraudsters instructed him to transfer money for verification, assuring him that the amount would be returned once the inquiry was completed. Believing these claims, he transferred another ₹1.04 crore between July 8 and July 15.
What Happened After He Lost His Savings?
The complainant eventually exhausted his lifetime savings as the fraudsters continued demanding money. According to the complaint, one of the suspects even transferred ₹93,000 to him through UPI to keep him cooperative during the alleged fraud. The suspects subsequently disappeared, leaving him with a reported loss of ₹2.1 crore.
The case illustrates how the complainant was allegedly targeted through two successive methods: promises of unusually high investment returns followed by threats involving a purported criminal investigation.
The registered FIR concerns the financial losses suffered by the elderly resident. The circumstances described in the complaint show how initial payments and fabricated legal threats were allegedly used to obtain increasingly large sums of money.
