A 60-year-old retired Deputy General Manager (DGM) of an automobile company has allegedly lost ₹8.6 million (₹86 lakh) in an online share trading and IPO investment fraud in Pune, Maharashtra. According to police, a woman posing as a stock market analyst contacted the victim through a social media platform, promising substantial returns through her purported investment company. To gain his trust, she allegedly shared what was claimed to be a Securities and Exchange Board of India (SEBI) registration certificate. The victim was later persuaded to download an investment application and transfer a total of ₹8.6 million to multiple bank accounts under the pretext of investing in shares and initial public offerings (IPOs).
Police said the complainant, a retired Deputy General Manager, has filed a complaint with the Pimpri Chinchwad Cyber Police Station, following which a cyber fraud case has been registered and an investigation has been initiated.
Investigators said the victim was first contacted on June 10 through a social media platform by a woman claiming to be an experienced stock market analyst. She allegedly assured him of high returns through investments in shares and IPOs managed by her company. To reinforce her credibility, she claimed the company was registered with SEBI and reportedly shared a copy of its registration certificate.
The suspect subsequently provided a detailed investment plan and gradually gained the victim’s confidence. A few days later, he was instructed to download an investment application, after which the accused allegedly began collecting funds through multiple bank accounts under the guise of investment.
According to the investigation, the victim transferred ₹8.6 million in multiple installments between June 17 and July 14. The investment application allegedly displayed fictitious profits and increasing portfolio values, leading the victim to believe that his investments were generating significant returns.
The fraud came to light when the victim attempted to withdraw his money. Police said his withdrawal requests were denied, and repeated attempts to contact the woman failed as her mobile phone had become unreachable. Realising he had been deceived, the victim immediately approached the cyber police.
Preliminary findings indicate that the transferred funds were routed through bank accounts located in different parts of India, including Silapathar in Assam’s Dhemaji district, Vijayawada in Andhra Pradesh, and Bijnor in Uttar Pradesh. Investigators are now tracing the complete money trail, identifying the beneficiaries, and examining the individuals operating the bank accounts. Digital evidence, mobile phone records, banking transactions, and other technical data are also being analysed.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said cybercriminals frequently exploit investors’ trust by using fake SEBI certificates, fraudulent investment applications, fabricated profit screenshots, and manipulated online dashboards. He advised investors not to rely solely on documents shared by unknown individuals but to independently verify the registration status of any investment platform through SEBI’s official website. He also cautioned people against responding to investment offers received through social media, promises of guaranteed returns, or unverified mobile applications. Prof. Singh further advised that if an investment platform prevents withdrawals or repeatedly demands additional payments, victims should immediately stop making further transfers and report the incident to the National Cyber Crime Helpline (1930) and the National Cyber Crime Reporting Portal, as prompt reporting significantly improves the chances of recovering lost funds.
