Pune — The Cyber Cell of Pimpri-Chinchwad police has arrested a 47-year-old businessman, Santosh Rupnar, accused of facilitating a ₹2.24 crore cyber fraud that lured an investor through a fake trading app. Officials say the case exposes both the sophistication of digital scams and the difficulty of holding their architects accountable.
The Lure of a Trading App
The victim was first approached via WhatsApp by a man calling himself Rajiv Bhatia, who added him to a group touting stock-market riches. Directed to download a trading app, he transferred ₹2.24 crore over several weeks. On the app, his balance appeared to swell to ₹10 crore, but attempts to withdraw were met with demands for taxes and fees. When the money never arrived, he reported the fraud.
Following the Money
Investigators traced about half the funds to an account at Jana Seva Industries, a company linked to Rupnar. Police allege he acted as a “mule,” providing accounts to receive and move illicit funds across more than 10 banks. He has been remanded to custody under provisions of the Indian Penal Code and the IT Act.
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A Larger Web of Fraud
The case is not isolated. Police say similar schemes, some tied to syndicates operating across states, have triggered a dozen related investigations. In Pune, authorities recently broke up another scam linked to Chinese-run apps that siphoned tens of crores from unsuspecting investors.
A Challenge for Enforcement
For investigators, the hurdles are formidable: tracking digital evidence, proving criminal intent, and retrieving funds spread across layered accounts. Regulators warn that fraudulent apps are proliferating faster than oversight can keep pace, leaving ordinary investors vulnerable.
Whether Rupnar is ultimately found guilty or just another expendable link in a wider fraud network, the case underscores how easily technology can be weaponized against trust in India’s financial system.
