A 73-year-old retired bank manager from Pune’s Wadgaon Sheri area has allegedly lost ₹81 lakh in an online investment scam after being lured into what appeared to be a legitimate share trading and digital gold investment scheme. The victim filed a complaint with Pune Cyber Police, which has registered a case and launched an investigation into the fraud.
According to the complaint, the scheme began in December 2024 when the retiree received an unsolicited message on a messaging application encouraging him to explore investment opportunities in online share trading and a digital gold scheme. The offerings were presented as lucrative and low-risk options for growing retirement savings.
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Fraudsters Built Trust Through False Promises
Investigators said the victim was subjected to a prolonged grooming process by fraudsters who consistently presented themselves as a woman during all interactions. The scammers persuaded him to download a dedicated mobile application and enter personal details, including banking credentials, identity documents and other financial information.
Authorities believe the application was controlled by the fraudsters. To build confidence, the victim was encouraged to make an initial investment of ₹20,000. Within days, the application reflected a profit of ₹1,700, creating the impression that the investment was genuine.
Fake Profits Encourage Larger Investments
With the victim’s confidence secured, the fraudsters allegedly urged him to increase his investments by promising returns of 35 per cent within a few days. Believing the opportunity to be legitimate, the retired bank manager began transferring funds to seven different bank accounts provided by the operators at various intervals.
The application continued to display growing profits and eventually showed a portfolio value exceeding ₹1.50 crore. Encouraged by these apparent gains, the victim continued investing substantial sums over time.
Withdrawal Attempts Reveal Alleged Scam
The fraud came to light when the victim attempted to liquidate his holdings in January this year. According to the complaint, the platform did not permit withdrawals or sales, with operators repeatedly citing different reasons for blocking transactions.
Investigators said the displayed profits were allegedly fictitious and that the woman with whom the victim had been communicating did not exist. By the time he realised the alleged deception, ₹81 lakh of his retirement savings had already been transferred.
Pune Cyber Police have registered a case and are investigating the network behind the scheme. Authorities have also urged senior citizens to exercise caution before downloading investment applications from unsolicited sources and to verify the legitimacy of trading platforms through official channels before transferring money.
