Pune: In a stark reminder of the growing risks in digital investments, cyber fraudsters have duped a 48-year-old tech professional from Lohegaon of nearly ₹69 lakh by promising high returns in cryptocurrency trading. The fraud, executed through a fake mobile application, continued for several months, during which the victim was repeatedly persuaded to invest more money while being shown fabricated profits.
The victim, employed with a reputed company in Hadapsar, stated in his complaint that the incident took place between May and November 2025. Initially, he submitted an application, and after verification, a formal FIR has now been registered. The case is currently under investigation by the cyber crime unit.
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According to investigators, the victim received a message from an unknown number containing a link. Upon clicking it, he was contacted by fraudsters posing as cryptocurrency trading experts. They engaged him with convincing communication, presenting themselves as professionals and assuring safe and profitable investments.
The accused then asked the victim to download a mobile application, claiming it to be a legitimate crypto trading platform. After installing the app, the victim began investing small amounts. Although he did not receive any real returns initially, the fraudsters continued to build trust by insisting that higher investments were necessary for substantial gains and offering constant guidance.
Gradually, the victim was encouraged to invest in higher-value cryptocurrencies. He was provided details of three different bank accounts and asked to transfer funds. The fraudsters frequently cited market fluctuations and “investment opportunities” to push him into making repeated deposits. Over time, the victim transferred a total of ₹69 lakh into these accounts.
Meanwhile, the application displayed fake profits exceeding ₹80 lakh, further reinforcing his confidence. However, when the victim attempted to withdraw or sell his crypto holdings, the fraudsters blocked the process, citing technical issues and additional charges. This raised suspicion, and he eventually realised he had been cheated.
Officials said the case reflects a growing trend where cyber criminals use fake trading platforms and apps to trap victims. Typically, fraudsters first gain trust, then gradually increase the victim’s investment, and finally create obstacles at the withdrawal stage.
Cyber crime experts warn that frauds related to cryptocurrency and online investments are rising rapidly, particularly targeting individuals seeking high returns.
Renowned cyber crime expert and former IPS officer Prof. Triveni Singh said, “Cyber criminals are increasingly using social engineering and fake digital platforms to exploit trust. By showing fabricated profits, they psychologically influence victims and eventually siphon off large sums.”
Authorities have urged the public to avoid clicking on unknown links and to refrain from trusting unverified apps or investment platforms. They also advised caution against offers promising unusually high returns and encouraged immediate reporting of suspicious activities.
Further investigation is underway to trace the bank accounts and digital infrastructure used in the fraud. Officials believe the network involved may extend beyond state boundaries, indicating a larger organised cyber crime operation.
