PUNE: A 72-year-old retired bank manager from Hadapsar in Pune has allegedly lost Rs 39.74 lakh in an online share trading scam after cyber fraudsters promised him lucrative returns on stock market investments. The victim was lured into placing funds through a mobile application that reflected fabricated earnings of Rs 2.53 crore. However, when he attempted to liquidate the portfolio and retrieve his capital, the suspects blocked the transaction, prompting him to lodge a formal complaint with the Kalepadal police station.
According to the first information report, the fraudulent activity occurred between July and September 2026. The complainant had previously traded equities through demat accounts maintained in his name and that of his wife. Investigators stated that the perpetrators exploited his prior familiarity with financial markets to win his trust and orchestrate the systematic transfer of funds.
Lured by Social Media Pitch and Fabricated Testimonials
The fraud originated in July when the complainant came across a social media advertisement that promised exceptionally high profits through online equity trading. Upon clicking the link, his contact number was added to a group on a messaging platform where participants routinely shared accounts of substantial earnings. Group members repeatedly commended the administrator for accurate market forecasts and lucrative trading advice.
These interactions established a false sense of legitimacy regarding the operation. Convinced by the discussions, the retired manager approached the group administrator to begin investing. The administrator directed him to focus on high-value equities rather than lower-priced options and instructed him to install a dedicated mobile trading application. The syndicate claimed they would execute transactions on his behalf to generate guaranteed windfalls.
Systematic Transfers Directed to Multiple Bank Accounts
Following instructions from the handlers, the victim began remitting capital to several different bank accounts provided to him over a span of two months. The suspects maintained that every deposit was being deployed directly into the stock market under professional management.
In total, the retired official transferred Rs 39.74 lakh across various accounts. The proprietary interface of the downloaded mobile application mimicked authentic trading activity, convincing the victim that his transactions were standard market investments. Unaware of the underlying deception, he continued to follow the directives issued by the syndicate without raising early alarms.
Paper Profits Displayed as Withdrawals Face Total Blockade
The mobile platform eventually reflected an accumulated profit of Rs 2.53 crore, leading the complainant to believe his portfolio had surged significantly. Confident in the outcome, he submitted a request to sell the shares and withdraw both the original principal and the accrued returns.
The suspects immediately refused the request and barred him from accessing the platform or executing any withdrawals. Realising that the displayed gains were fictitious and his capital was locked, the victim approached the police to report the matter.
Investigators at the Kalepadal police station are examining the money trail, identifying the ownership of the recipient bank accounts, and assessing the technical infrastructure behind the illicit application. Authorities have reiterated that investors must scrutinise trading platforms, avoid transferring money to personal accounts under external advisement, and immediately report financial cybercrimes to the national 1930 helpline.
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