Pune, Maharashtra – In a disturbing case that underscores the growing menace of digital financial fraud, a Pune-based cybersecurity expert has fallen victim to an elaborate online share trading scam. Over the span of a month, he was defrauded of ₹73 lakh after being lured by promises of “high returns” through a fake trading application.
According to the complaint filed at the Pune City Cyber Crime Police Station, the victim, employed with a private firm, received a WhatsApp message from an international number in August containing a suspicious link. Upon clicking the link, he was added to a WhatsApp group with over 100 members — many of whom appeared to share screenshots of significant trading profits, fostering a sense of credibility and trust.
A few days later, the group administrator instructed him to fill out a form and log in to a trading app that purportedly offered “profitable stock tips.” Between August 8 and September 1, the victim made 55 separate transfers totaling ₹73.69 lakh to various bank accounts — commonly known as “mule accounts” — located in Chennai, Ulhasnagar (Thane), Bhadrak (Odisha), Ferozepur (Punjab), Pimpri-Chinchwad, and Gurugram.
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The fraudulent app displayed that his “earnings” had soared to ₹2.33 crore. However, when he attempted to withdraw the amount, he was told to first deposit a 10% “tax.” Realizing he had been deceived, the victim approached the police, leading to the registration of an FIR on Monday.
Over the past two and a half years, cybercrime police units across Maharashtra — including Pune and Pimpri-Chinchwad — have reported a sharp rise in such online trading scams. Fraudsters are exploiting social media platforms and mobile apps to lure individuals with dreams of quick, high-yield investments. They often create WhatsApp or Telegram groups, populate them with fake profiles, and circulate fabricated screenshots of trading profits to gain the victim’s confidence.
Despite repeated awareness drives, media coverage, and official advisories, officials note with concern that many citizens continue to fall prey to these scams.
In February last year, the Securities and Exchange Board of India (SEBI) issued a detailed investor advisory, warning against fraudulent trading schemes. SEBI stated:
“Fraudsters are enticing victims through online trading courses, seminars, and mentorship programs on platforms such as WhatsApp, Telegram, and live streams. Posing as employees or affiliates of SEBI-registered Foreign Portfolio Investors, they convince individuals to download applications that supposedly enable them to buy shares, subscribe to IPOs, and access ‘institutional account benefits’ — all without an official trading or Demat account.”
SEBI further noted that such operations often use mobile numbers registered under fake identities, making it difficult to trace the perpetrators.
The Maharashtra Cyber Crime Department has urged citizens not to click on unverified links or download unknown applications, and to conduct financial transactions only through official, registered trading platforms.
“No legitimate investment scheme offers guaranteed high returns,” a senior cybersecurity analyst said. “If it looks too good to be true, it probably is.”
