In one of the biggest cyber fraud cases reported in the city in recent months, an 85-year-old senior citizen was allegedly cheated of ₹22.03 crore in the name of fake share trading. The cyber cell of Pune City Police has arrested eight accused in connection with the case.
According to police officials, the accused used a well-planned strategy involving WhatsApp groups, fake mobile applications and fraudulent investment links to lure the elderly victim. The fraud was carried out between November 25, 2025 and January 9, 2026, during which the victim transferred large sums in multiple transactions to different bank accounts.
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How the Multi-Crore Fraud Was Executed
Investigations revealed that the accused created a WhatsApp investment group posing as stock market experts. The group regularly shared screenshots of alleged profits, stock tips and claims of unusually high returns to build credibility.
After gaining the victim’s trust, the fraudsters sent a private link to download a so-called trading application. The app displayed fabricated and consistently high returns on the invested amount, creating an illusion of rapid profit growth.
Whenever the victim attempted to withdraw funds, the accused allegedly demanded additional payments under various pretexts such as “tax clearance,” “processing fees,” and “security deposits.” Over time, the investment amount kept increasing, ultimately leading to a total transfer of ₹22.03 crore into accounts allegedly controlled by the accused.
Technical Trail Leads to Arrests
The cyber cell analysed bank transactions, call detail records, digital devices and online chat histories to identify the suspects. Based on technical surveillance and financial trail mapping, police conducted raids at multiple locations and arrested eight individuals.
The case has been registered under Sections 318(4), 318(2), 318(1) and 3(4) of the Bharatiya Nyaya Sanhita (BNS), 2023, along with relevant provisions of the Information Technology Act.
All eight accused were produced before a local court, which remanded them to police custody until February 16, 2026.
₹3.24 Crore Frozen, More Accounts Under Scanner
During the investigation, police successfully froze ₹3.24 crore in bank accounts linked to the accused. Officials said efforts are underway to identify additional suspicious accounts and recover the remaining defrauded amount.
Investigators are also examining whether the arrested individuals are part of a larger interstate or international cybercrime network. Preliminary findings suggest that the money was routed through multiple layered accounts to make tracking difficult.
Warning Over Rising Investment Scams
Cyber police officials noted a sharp rise in fake share trading and investment scams, particularly targeting senior citizens and individuals unfamiliar with digital trading platforms.
Fraudsters often create professional-looking apps, fake websites and coordinated WhatsApp conversations to build trust before persuading victims to invest large sums.
Authorities have urged citizens to avoid investing through unknown links shared on social media or messaging apps. Investors are advised to verify trading platforms through official stock exchange websites and use only registered and authorised brokerage services. They also cautioned against schemes promising guaranteed or unusually high returns.
Further investigation is underway to uncover the full extent of the network and identify other possible victims.
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.
