A senior manager (47) at an information technology firm in Pune has fallen victim to a sophisticated online share-trading fraud, losing ₹97.5 lakh between April and May after being lured into a manipulated trading app. The Pune Cybercrime Police have registered a case and launched an investigation after verifying the victim’s complaint.
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How the Fraud Operated
The scam began when the victim was added to a messaging app group where members claimed to earn high returns from online investments. Interested, he contacted the group admin, who sent him a link to download a trading app. Unbeknownst to him, the app was not genuine: it was a screen manipulated by fraudsters to display fictitious profits. Initially investing small amounts, he saw what looked like steady gains, which encouraged him to invest larger sums in shares and IPOs as directed. The fraudsters provided six bank accounts for transfers.
When he attempted to sell his “shares,” the scammers refused. Instead, they demanded additional funds as taxes and fees required for withdrawal. The victim realized the deception only when his requests to withdraw were blocked and communication with the fraudsters ceased.
Police Action & Ongoing Probe
Senior Inspector Swapnali Shinde of Pune Cybercrime confirmed that the case is being investigated. Official sources said the modus operandi involved promise of unreal profits, use of multiple bank accounts, and manipulation of the app interface to mislead the investor. Authorities are now tracing the bank accounts, app ownership, and network behind the scam, and efforts are underway to locate accomplices and recover misappropriated funds.
This case adds to a growing wave of online trading scams targeting even well-educated professionals, underlining the need for robust checks, cautious investing, and public awareness about manipulated trading platforms.
