Pune IT professional loses Rs 4.43 crore in fake WhatsApp trading scam
A Pune IT professional alleged that cyber fraudsters drew him into a WhatsApp-based stock trading racket and fake app. The case points to a growing pattern of investment scams using bogus profit claims and trusted brand names.
A 46-year-old IT professional from Pune has allegedly lost Rs 4.43 crore to cyber fraudsters who lured him into investing through a fake stock trading network operating on WhatsApp and a fraudulent investment application.
Based on the victim's complaint, the Cyber Crime Police Station in Pimpri Chinchwad has registered an FIR and launched an investigation into the case.
According to police, the victim came into contact with the fraudsters after responding to a social media post and was subsequently added to a WhatsApp group posing as a stock market advisory platform. The group allegedly used the name of a reputed international banking institution to gain credibility and attract investors.
Investigators said the group conducted daily online sessions at 6.30 am, offering stock market lessons, investment strategies and recommendations on supposedly high-performing stocks. An administrator identifying herself as "Maira" claimed to be an investment expert and regularly interacted with members. To build trust, the group frequently shared screenshots showing substantial profits allegedly earned by investors.
The complainant was eventually persuaded to download a trading application through a link shared in the group and open an investment account. Police said the app displayed impressive returns and showed investments growing rapidly, encouraging the victim to transfer funds through multiple transactions over a period of nearly two weeks.
During the fraud, the victim transferred a total of Rs 4.43 crore through 34 transactions. Investigators suspect the money was routed through several mule bank accounts located across different parts of the country.
Although the application reflected returns of nearly Rs 26.64 crore, the victim was unable to withdraw any funds. When he attempted to access the purported profits, the fraudsters allegedly demanded additional payments on various pretexts. Realising he had been duped, the victim approached the police.
Senior Inspector Ravikiran Nale is leading the investigation. Cyber crime officials said investment scams involving fake trading platforms have increased significantly in recent years, with fraudsters often using WhatsApp and Telegram groups, fabricated profit dashboards, forged endorsements and the names of well-known financial institutions to gain the trust of potential victims.
A 46-year-old IT professional from Pune has allegedly lost Rs 4.43 crore to cyber fraudsters who lured him into investing through a fake stock trading network operating on WhatsApp and a fraudulent investment application.
Based on the victim's complaint, the Cyber Crime Police Station in Pimpri Chinchwad has registered an FIR and launched an investigation into the case.
According to police, the victim came into contact with the fraudsters after responding to a social media post and was subsequently added to a WhatsApp group posing as a stock market advisory platform. The group allegedly used the name of a reputed international banking institution to gain credibility and attract investors.
Investigators said the group conducted daily online sessions at 6.30 am, offering stock market lessons, investment strategies and recommendations on supposedly high-performing stocks. An administrator identifying herself as "Maira" claimed to be an investment expert and regularly interacted with members. To build trust, the group frequently shared screenshots showing substantial profits allegedly earned by investors.
The complainant was eventually persuaded to download a trading application through a link shared in the group and open an investment account. Police said the app displayed impressive returns and showed investments growing rapidly, encouraging the victim to transfer funds through multiple transactions over a period of nearly two weeks.
During the fraud, the victim transferred a total of Rs 4.43 crore through 34 transactions. Investigators suspect the money was routed through several mule bank accounts located across different parts of the country.
Although the application reflected returns of nearly Rs 26.64 crore, the victim was unable to withdraw any funds. When he attempted to access the purported profits, the fraudsters allegedly demanded additional payments on various pretexts. Realising he had been duped, the victim approached the police.
Senior Inspector Ravikiran Nale is leading the investigation. Cyber crime officials said investment scams involving fake trading platforms have increased significantly in recent years, with fraudsters often using WhatsApp and Telegram groups, fabricated profit dashboards, forged endorsements and the names of well-known financial institutions to gain the trust of potential victims.
