A Pune Municipal Corporation (PMC) employee has fallen victim to a sophisticated online forex trading scam, losing ₹26.2 lakh after being lured into investing through a fake mobile application that initially displayed fabricated profits to gain trust and encourage larger investments.
The victim, a clerk from Shivajinagar, was first contacted via a phone call by a fraudster posing as a woman who introduced him to an alleged forex trading opportunity promising high returns. He was instructed to download a mobile application and complete registration by submitting sensitive personal details including PAN card, Aadhaar, email ID, and a selfie.
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According to investigators, the scam followed a carefully designed pattern where the application initially showed a fake profit of ₹10,556, which was even transferred to the victim’s bank account. This early payout was used as a psychological tactic to establish credibility and convince him that the platform was genuine.
Encouraged by the apparent returns, the victim proceeded to transfer a total of ₹26.17 lakh into multiple bank accounts provided by the fraudsters, believing he was making legitimate investments with continuous profits. However, when he attempted to withdraw his funds, he was repeatedly stalled with excuses such as technical issues and processing delays.
Soon after, the accused stopped responding and completely disappeared. Their contact numbers were switched off, and the office address associated with the operation was found closed, prompting suspicion and leading to a formal complaint.
During the investigation, police discovered that the accused were operating under the name M/s Truway Consultancy Pvt Ltd and had previously been involved in similar frauds, including fake job offers and immigration scams targeting individuals seeking employment abroad.
The group reportedly used social media advertisements and online promotions to target unemployed youth, offering attractive salaries, overseas job placements, and fast-track visa approvals. Victims were charged in multiple stages, including registration fees, visa processing charges, medical examinations, and interview-related costs, creating a structured installment-based fraud system.
Cybercrime expert and former IPS officer Prof. Triveni Singh said such cases primarily rely on “social engineering” tactics, where criminals build psychological trust before escalating financial exploitation. He noted, “Fraudsters first create confidence by showing small profits, then gradually push victims into larger investments. Fake apps and manipulated trading platforms are key tools in this strategy.”
He further added that modern cyber fraud networks are increasingly using advanced technology and data-driven manipulation to exploit financial aspirations and emotional vulnerabilities. According to him, any investment opportunity promising unusually high or quick returns should be treated with extreme caution and thoroughly verified.
Police believe the case may be part of a larger organized cyber and immigration fraud network operating across multiple states. Investigators are currently analyzing banking transactions, digital footprints, and server data to trace the money flow and identify other victims and associates involved in the racket.
Authorities have urged the public to verify the authenticity of any investment platform, forex trading scheme, or overseas job offer before transferring money. They also advised victims of similar scams to immediately report such incidents to cybercrime helplines or local police units.
Officials further stated that more names and connections are likely to emerge as the investigation progresses, potentially exposing a wider interstate network. The case highlights the growing threat of fake apps and online investment scams that continue to exploit individuals’ financial ambitions in the digital era.
