A sophisticated cyber fraud racket posing as a stock market investment advisory has duped a Pune-based businessman of ₹11.13 crore using a fake trading application, forged regulatory documents and a carefully orchestrated WhatsApp ecosystem that simulated genuine investor activity.
The Pimpri-Chinchwad cyber police have registered a case against Naina Verma, Gopal Kaveri Reddy and six others for cheating, impersonation and IT Act violations after the victim reported that repeated demands for “tax” and “processing fees” exposed the fraud when he attempted to withdraw his supposed profits.
Investigators said the scam unfolded over nearly three months between November 2025 and January 2026 and followed a now-familiar pattern seen in high-value investment frauds across India — social engineering, controlled profit displays and staged community validation.
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WhatsApp group used as trust engine
According to the complaint, the victim was first added to a WhatsApp group that projected itself as an exclusive stock advisory forum run by a “SEBI-registered” investment firm. Daily stock tips, pre-market calls and screenshots showing large gains were shared to create a perception of consistent success.
Police sources said many of the group members were fake profiles operated by the accused to post testimonials and profit updates, reinforcing credibility and triggering fear of missing out.
After initial conversations, the victim was persuaded to download a proprietary trading application that mimicked legitimate brokerage platforms. The app displayed real-time market-like data and showed steady profits on small trial investments, prompting the businessman to increase his exposure.
Fake SEBI certificate, company profile circulated
To remove any residual doubts, the accused circulated a forged SEBI registration certificate, fabricated company incorporation documents and a professional-looking investor presentation.
Investigators said the documentation appeared authentic at first glance and included logos, registration numbers and regulatory language commonly found in genuine advisory firms.
“The victim conducted basic checks but relied on the documents and group activity, which created a false sense of regulatory legitimacy,” a police officer familiar with the probe said.
Layered transfers into multiple bank accounts
Once the trust threshold was crossed, the victim was instructed to transfer funds in tranches to different bank accounts under the pretext of diversified portfolio allocation.
Police said the money trail shows transfers routed through multiple accounts believed to be mule accounts to break the transaction chain and delay detection.
When the businessman attempted to withdraw funds after seeing substantial “profits” on the app dashboard, the accused demanded additional payments citing capital gains tax, liquidity charges and technical clearance fees.
Repeated payment requests without any actual withdrawal triggered suspicion, leading to a complaint with the cyber police.
Digital forensics and fund-flow analysis underway
Authorities have begun forensic examination of the fake application, server logs and mobile devices used in the communication chain. Bank statements are being analysed to map the flow of funds and identify end beneficiaries.
Officials said coordination with financial institutions is underway to freeze suspect accounts and recover any remaining balance. Requests for data have also been sent to messaging platforms and hosting providers to obtain IP logs and account linkage details.
Part of wider ‘investment advisory’ scam pattern
Cybercrime experts note that such frauds have surged nationwide, with scammers increasingly using:
- forged regulatory certificates
- cloned trading interfaces
- WhatsApp or Telegram investor groups
- staged profit screenshots
- phased investment escalation
The Pune case mirrors similar high-value frauds reported in recent months where victims were first shown small gains before being induced to invest large sums.
Police have urged investors to verify SEBI registration directly through the regulator’s official website, avoid downloading trading apps shared over messaging platforms and treat any guaranteed-profit claim as a red flag.
Further arrests are likely as investigators trace the financial network and digital infrastructure behind the racket.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
