A 40-year-old employee of a private company from Ravet has lodged a police complaint after losing money in a large-scale online share trading scam. The fraud took place between May and July and has now come under the scanner of the Pimpri Chinchwad cybercrime police.
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How the Fraud Began
According to the complaint, the victim was added to a group of supposed investors on a popular mobile messenger app in May. The group members convinced him to download a trading application, claiming it belonged to a prominent investment company. Trusting the platform, the victim invested large sums of money over the following weeks.
False Profits and Withdrawal Trap
Between May and July, the complainant transferred a total of ₹89.35 lakh to seven bank accounts provided by the fraudsters. The fake trading app displayed inflated profits, showing that his investment had grown to a staggering ₹8.71 crore. However, when he attempted to withdraw the funds, the fraudsters demanded additional payments under the guise of service tax, raising the victim’s suspicion.
Police Investigation Underway
Senior Inspector Ravikiran Nale of Pimpri Chinchwad cybercrime police confirmed the complaint and revealed that the case is under active investigation. “The victim believed the app belonged to a reputed investment company. Our investigations are on,” Nale said.
Cyber Safety Advisory
Police have urged citizens to remain cautious while investing online and to verify the authenticity of financial apps through official company websites or RBI and SEBI listings. Cybercrime experts warn against trusting messenger groups or unknown contacts promoting high-return investments.
This incident underscores the growing sophistication of financial frauds, where fake apps and inflated profit displays lure unsuspecting investors into parting with huge sums of money.