PUNE: A retired engineer from Pune lost nearly ₹2 crore in a sophisticated online share trading scam after cyber fraudsters lured him with promises of extraordinary returns through a fake investment platform. The fraudsters allegedly used a fabricated trading application and manipulated profit figures to gain the victim’s trust before siphoning away his life savings.
According to investigators, the fraud took place between January and March 2026. The 66-year-old resident of Kothrud initially submitted a complaint to the authorities, following which a formal case was registered after preliminary verification.
Psychological Manipulation via Messaging Groups
The investigation revealed that the retired engineer was living alone when his mobile number was added to an investment-focused messaging app group. Members of the group regularly shared screenshots and messages claiming substantial profits from online share trading. The continuous discussion of high returns created an impression that the group consisted of successful and genuine investors.
Influenced by the apparent success stories, the engineer contacted the group administrator to learn more about the investment opportunities being discussed. During their conversations, he was assured that online share trading could generate significant profits within a short period. The administrator then instructed him to download a trading application that was presented as a legitimate platform for buying and selling shares.
Initially, the victim invested a small amount through the application. Within a few days, the platform began displaying modest profits, strengthening his confidence in the scheme. The group administrator subsequently advised him to invest in high-value stocks, claiming that larger investments would yield substantially higher returns.
Fabricated Portfolios and Financial Layering
Investigators said this marked the beginning of the actual fraud. Posing as investment experts, the accused allegedly persuaded the engineer to transfer increasing amounts of money. They provided details of multiple bank accounts and assured him that the funds would be used to purchase premium shares capable of generating exceptional returns.
As the investments increased, the profits displayed on the application also grew. After about a month, the platform reportedly showed gains exceeding ₹4 crore. The impressive figures convinced the victim that his investments were performing exceptionally well and encouraged him to commit almost all of his savings.
Believing the profits to be genuine, the engineer continued investing larger amounts. However, when he eventually decided to sell the shares and withdraw the earnings, the fraudsters allegedly began creating obstacles. He was told that technical issues were delaying the transaction, additional charges had to be paid, or further procedures needed to be completed before the money could be released.
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Traded Illusions and the Investigation Flow
Despite repeated attempts, neither the invested amount nor the purported profits could be withdrawn. The victim eventually realised that he had fallen prey to a carefully orchestrated scam. Further inquiries revealed that the trading platform was allegedly a fraudulent system designed solely to attract investments while displaying fictitious gains.
Following the complaint, cybercrime investigators launched a probe into the bank accounts that received the funds and began tracing the digital transactions linked to the case. Authorities suspect that an organised cybercrime network may be operating behind the scam, targeting victims through fake investment platforms and social media groups.
Cybercrime experts warn that investment-related frauds increasingly rely on psychological manipulation rather than technical deception alone. Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said fraudsters typically establish trust by showing fabricated profits and encouraging victims to increase their investments gradually. He advised investors to verify the legitimacy of trading platforms, check regulatory registrations and remain cautious of promises of unusually high returns, which are often warning signs of financial fraud.
