Pune Share Trading Fraud: Retired Medical Researcher Loses ₹96.5 Lakh

Pune: An online investment scam has cost a 78-year-old retired medical researcher from Pune a staggering ₹96.5 lakh, after cyber fraudsters allegedly lured him with promises of lucrative returns from share trading.

The complainant, a Kothrud resident who had previously headed key medical organisations associated with the Indian government and an international public health organisation, approached the Pune Cyber Police after realising that the investment platform he had been using was allegedly part of a fraud.

According to the complaint, the fraud began on June 28 after the senior citizen came across an advertisement promoting a share-trading opportunity on a messaging application. After clicking the link, he was reportedly added to a group where participants posted messages claiming to have made substantial profits through stock-market investments.

The apparent success stories reportedly convinced the retired researcher to contact the group administrator. He was subsequently directed to download a mobile application and begin trading through it.

The fraudsters allegedly encouraged him to invest larger amounts in high-value shares and initial public offerings (IPOs), assuring him that they would assist with the transactions and help generate substantial returns.

As his confidence in the platform grew, the victim transferred money to multiple bank accounts provided by the alleged fraudsters. According to the FIR, the transfers eventually totalled ₹96.5 lakh across 10 accounts.

The application allegedly displayed significant profits on his investments, further convincing him that his money was growing. However, when he attempted to withdraw the funds, he was reportedly unable to do so. It was then that he realised he had allegedly been trapped in an investment scam.

Cyber Police Trace Money Trail

Pune Cyber Police have registered a case and begun investigating the transactions. Police have reportedly traced several mule bank accounts used to receive the money and have frozen accounts containing approximately ₹24 lakh, according to the complaint details.

Senior Inspector Swapnali Shinde of the Pune Cyber Police Station confirmed that a case had been registered and that further investigation was underway.

The case highlights how sophisticated investment scams can exploit trust by combining fake trading platforms, fabricated profit statements, online groups and repeated assurances of high returns.

The alleged fraud followed a familiar pattern: the victim was first attracted through an online advertisement, added to an investment group and then directed towards a trading application. The platform allegedly showed substantial profits, encouraging him to invest more money. When he eventually tried to withdraw his funds, he was unable to access the money.

The incident serves as a warning to investors, particularly senior citizens, to independently verify trading platforms and investment schemes before transferring large amounts of money. Promises of unusually high or guaranteed returns should be treated with caution.

The Pune Cyber Police are continuing their investigation into the bank accounts and the people allegedly operating the fraudulent investment network.