A jewellery businessman from Phaltan in Maharashtra’s Satara district has allegedly been duped of ₹42 lakh in an online share trading scam after cyber fraudsters promised extraordinary returns through fake investment platforms. According to the complaint, the accused contacted the victim over phone and WhatsApp, introduced themselves as stock market experts, and persuaded him to invest in purported share trading and AIF (Alternative Investment Fund) opportunities. After displaying fictitious profits on the trading platform to gain his confidence, the fraudsters allegedly convinced the victim to transfer ₹42 lakh through bank transactions and UPI payments. When he attempted to withdraw his investment, the accused allegedly demanded additional money under various pretexts before cutting off communication. Police have registered a case against unidentified persons and launched an investigation.
According to the complaint, the victim, Arth Manish Gadhi (25), a jeweller from Phaltan, was approached by unknown individuals who claimed to possess expertise in stock market trading and high-return investment strategies. The fraudsters allegedly assured him that investments made through their trading platform would generate substantial profits within a short period, prompting him to consider investing.
Investigators said the accused gradually built the victim’s trust by sharing investment-related information and convincing him that their platform offered exclusive opportunities unavailable through conventional financial institutions. They allegedly claimed that investments in share trading and AIF products would produce exceptional returns, encouraging the complainant to invest increasingly larger amounts over time.
Believing the assurances, the victim allegedly transferred a total of ₹42 lakh in multiple instalments through bank transfers and UPI transactions to accounts and trading platforms specified by the accused. Police said the money was deposited over a period of time as the fraudsters continued displaying increasing profits on the online trading dashboard, creating the impression that the investments were performing successfully.
According to the complaint, the situation changed when the victim attempted to withdraw his investment and the profits reflected on the platform. Instead of processing the withdrawal, the fraudsters allegedly claimed that additional payments were required to release the trading positions, meet margin obligations, and complete other formalities. Each time the complainant sought repayment, new financial demands were allegedly made.
After repeated requests for withdrawal failed, the victim realised that he had likely been deceived. The accused allegedly stopped responding to phone calls and messages, making it impossible to recover either the invested amount or the purported profits displayed on the platform. The complainant subsequently approached the Phaltan City Police Station, where a case was registered against unidentified persons under relevant legal provisions.
Investigators are now examining bank accounts, UPI transaction records, mobile numbers, WhatsApp communications, and digital evidence associated with the alleged fraud. Police are also working to identify the beneficiaries of the transferred funds and determine whether the bank accounts used in the transactions were genuine or part of a wider network of mule accounts frequently used in organised cyber financial crimes.
Cybersecurity experts warn that fake trading scams have become increasingly sophisticated, with criminals creating professional-looking websites and mobile applications that closely resemble legitimate investment platforms. Victims are often shown fabricated profits to encourage larger investments, while withdrawal requests are blocked through demands for additional fees, taxes, margin payments, or verification charges. Experts advise investors to verify the regulatory status of investment platforms, avoid transferring money based solely on unsolicited calls or social media promotions, and independently confirm the credentials of financial advisers before investing. They also recommend reporting suspected cyber fraud immediately to banks and law enforcement agencies, as prompt reporting improves the chances of tracing financial transactions and preventing further losses.
Police said the investigation remains ongoing, and additional technical and financial evidence is being analysed to identify the individuals behind the alleged fraud. Authorities have urged the public to remain cautious of online investment schemes promising unrealistic returns and to verify the authenticity of any trading platform before transferring money. Further legal action will be taken based on the findings of the investigation.
