A retired bank official from Pune allegedly lost ₹64 lakh after falling victim to an online share trading fraud operated through fake investment platforms and messaging groups promising high returns. Police have registered a case and launched an investigation into the suspected cyber fraud network behind the scam.
Victim Allegedly Lured Through Investment Group
According to investigators, the retired banker was added to an online investment-related messaging group where individuals posing as stock market experts shared trading tips and profit screenshots to build credibility. The victim was allegedly persuaded to invest in what appeared to be a legitimate online share trading platform promising substantial returns.
Police said the fraudsters convinced the victim to transfer money in multiple transactions over a period of time. Fake profit figures were reportedly displayed on the platform dashboard to encourage further investments.
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Fraud Surfaced During Withdrawal Attempt
The alleged scam came to light when the victim attempted to withdraw the profits and invested amount from the platform. Investigators said the accused initially demanded additional payments under various pretexts, including taxes and processing charges.
When the victim refused to make further payments, communication reportedly stopped and access to the trading platform became unavailable. The complainant later approached the police after realizing that the investment scheme was allegedly fraudulent.
Police Probe Cyber Fraud Network
Cybercrime investigators are now examining bank accounts, digital payment trails, mobile numbers, and online platforms allegedly used in the fraud operation. Authorities suspect the accused may be part of a larger organized cybercrime network involved in fake investment and trading scams targeting individuals across multiple cities.
Officials have repeatedly warned investors against relying on unverified trading platforms, social media investment groups, and individuals promising guaranteed returns in stock market investments.
Rise in Online Investment Frauds
Online investment and share trading scams have seen a sharp increase in recent years, with fraudsters increasingly using messaging apps, fake mobile applications, and cloned trading websites to target victims. Cybercrime experts say scammers often use fabricated profit dashboards and fake customer support channels to gain trust and extract larger payments from investors. (indianexpress.com)
Authorities have advised the public to verify trading platforms through official financial regulators before making investments and to report suspicious financial activity immediately.
