Pune Cyber police have launched a detailed investigation into what is being termed one of the largest cyber fraud cases reported in the city, after an 85-year-old retired entrepreneur from Hadapsar was cheated of ₹22.03 crore in an online share-trading scam.
The fraud was carried out over a period of more than three months, between October last year and January 12, during which the elderly victim was systematically induced to transfer large sums of money to bank accounts controlled by cyber criminals.
According to investigators, the victim transferred money to nearly 150 bank accounts, most of which have been identified as mule accounts. These accounts were spread across seven banks and operated from Noida, Kolkata, Bengaluru, and several other cities.
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Lured with promise of assured high returns
Preliminary investigations reveal that the victim was lured through an online platform that promised high and assured returns from share trading. The fraudsters allegedly posed as experienced market experts and investment advisors, gradually gaining the victim’s confidence.
A fake trading dashboard was used to display continuously rising profits, creating an illusion of successful investments. Initially, smaller investments appeared to yield returns, prompting the victim to make progressively larger transfers running into crores of rupees.
Cyber police officials said the entire operation appeared to be meticulously planned to exploit the victim’s trust and financial capacity.
Money siphoned through a network of mule accounts
Investigators said that once funds were transferred, the money was swiftly routed through a complex network of mule accounts, often within hours, to make tracking and recovery difficult.
These accounts were allegedly opened using forged or misused identity documents. In several cases, the individuals in whose names the accounts were opened were either unaware of the transactions or were paid small amounts to allow their accounts to be used.
A senior official said the scale and spread of the accounts strongly indicate the involvement of a well-organised cyber crime syndicate operating across multiple cities.
Future Crime Research Foundation assessment
According to the Future Crime Research Foundation (FCRF), incidents of online investment and trading scams have risen sharply in recent years, with senior citizens and retired professionals increasingly being targeted.
Cyber researchers associated with FCRF said fraudulent trading apps and websites are now being designed with real-time charts, professional dashboards and fake customer support systems, making them appear legitimate and difficult for ordinary investors to identify as scams.
The widespread use of mule accounts, they said, remains one of the biggest challenges for law enforcement agencies in tracing and recovering stolen funds.
Former IPS officer Prof Triveni Singh’s warning
Former IPS officer and noted cybercrime expert Prof Triveni Singh said the case highlights the evolving nature of cyber fraud in India.
“Today’s cyber criminals do not rely on technology alone. They exploit human trust and greed, particularly by promising guaranteed returns in the stock market,” he said. “Senior citizens are often targeted because of their savings and limited familiarity with digital platforms. People must understand that guaranteed returns themselves are a red flag. Unless this awareness improves, such crimes will continue to grow.”
Fraud detected when withdrawals were blocked
The fraud came to light when the victim attempted to withdraw the purported profits shown on the trading platform. At this stage, he was allegedly asked to pay additional amounts towards taxes, processing fees and other charges.
When repeated demands for more money continued and withdrawals remained blocked, the victim realised he had been cheated and approached the cyber police.
A formal complaint was subsequently registered, triggering a detailed probe into bank transactions, digital footprints, call records and online communications.
Inter-state and multi-city investigation
Pune Cyber police have sought transaction details from all banks involved and are coordinating with cyber cells in other states to trace the beneficiaries of the funds. Efforts are underway to freeze suspicious accounts wherever possible.
Officials said they are also examining the possibility of inter-state and international links connected to the fraud syndicate.
“This is one of the most serious cyber fraud cases in Pune, both in terms of the amount involved and the scale of operations,” a senior officer said.
Police advisory to investors
Cyber police, along with cybercrime researchers and experts, have issued a renewed warning to citizens — especially senior citizens — against unsolicited investment offers received through social media, messaging apps or unknown online platforms.
“There are no assured returns in the stock market. Investors must verify the authenticity of platforms through regulatory authorities and consult authorised financial advisors before investing,” an official said.
Police indicated that account freezes and arrests are likely as the investigation progresses.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
