A 26-year-old software engineer from Hinjewadi has allegedly lost ₹6.58 lakh in an online investment fraud after being promised high returns from stock market investments.
The victim had been searching for a brokerage firm on social media when he came across an alleged investment platform. He was later added to a messaging-app group where stock market updates, company information and IPO tips were regularly shared.
How Did the Fraud Begin?
The software engineer was looking for a brokerage firm because he wanted to invest in the stock market.
During his search on social media, he came across an alleged investment platform that claimed to offer attractive returns through shares and IPOs.
The accused allegedly began sharing market-related information and investment suggestions with him.
How Was His Trust Gained?
The victim was added to an investment group on a messaging app.
Members of the group allegedly shared information about stock market movements, individual companies and upcoming IPOs.
These interactions allegedly helped convince the victim that he was dealing with a genuine investment platform.
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How Much Money Did He Transfer?
After gaining his confidence, the accused allegedly asked the victim to deposit money into different bank accounts.
He transferred a total of ₹6.58 lakh into the accounts provided to him.
The victim expected the money to generate returns, but even after the stipulated period, he allegedly received neither the promised profits nor his principal amount.
What Happened When He Asked for His Money?
When the victim demanded the return of his money, the accused allegedly began intimidating him.
He was allegedly told that continuing to demand repayment could result in an inquiry by the Securities and Exchange Board of India.
The accused also allegedly warned him that he could face penalties linked to the investment.
Why Was SEBI’s Name Used?
According to the complaint, the threat of a SEBI inquiry and possible penalties was allegedly used to pressure the victim into stopping his demands for repayment.
The use of a regulator’s name can make a fraudulent warning appear more credible and frightening to an investor.
In this case, the victim eventually suspected that he had been cheated and approached the police.
What Are Police Investigating?
Hinjewadi police are examining the bank accounts into which the victim transferred ₹6.58 lakh.
Investigators are trying to identify the account holders, determine where the money moved next and establish whether the same accounts were used to collect funds from other victims.
Police are also analysing the digital conversations, investment-related messages and transaction records linked to the case.
Were Other Investors Targeted?
Investigators are trying to determine whether the alleged network targeted other investors through similar social media advertisements and investment groups.
They are also examining the people who contacted the victim, how the group was operated and whether multiple individuals were involved in collecting and moving the money.
The420 Takeaway: Check Before You Invest
Investors should be cautious when investment offers begin through social media or messaging groups, especially when unusually high returns are promised. Money should not be transferred to unfamiliar bank accounts without independently verifying the platform and intermediary. Threats involving SEBI, penalties or investigations should also be verified directly through official channels rather than accepted at face value.
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