Pune investor cheated of Rs 98 lakh in fake stock market app scam: Key details

Cyber scam

A Pune-based private firm employee has become the latest victim of an online investment scam, losing more than Rs. 98 lakh after being lured by promises of high stock market returns. The incident was reported to the Pimpri Chinchwad Cyber Police, which has registered a case and launched an investigation.

According to police officials, the 56-year-old resident of Thergaon was added to a mobile messaging group in September. The group appeared to be associated with a reputed investment company, using a name closely resembling that of a well-known firm. This similarity, police said, played a key role in convincing the victim that the group was legitimate.

Members of the group regularly shared investment tips and claimed they were earning returns of more than 15 percent from stock market trades. Encouraged by these assurances, the victim was persuaded to download a mobile application promoted by the group. The app was presented as a trading and portfolio-tracking platform.

Once installed, the application showed steady and consistent growth in the victim’s investments. Between September and November, he transferred money in multiple instalments to several bank accounts provided by the scammers. Each transfer was followed by updates on the app showing attractive profits, which further strengthened his confidence and prompted additional investments.

Trouble began when the victim attempted to withdraw his funds. Instead of processing the withdrawal, the fraudsters asked him to invest even more money, including payments supposedly required for participating in initial public offerings. After repeated failed attempts to withdraw funds and no response from the people behind the app, the man realised he had been cheated. By then, the total amount transferred had reached Rs. 98 lakh.

Police said similar cases have been reported in recent weeks, highlighting a worrying rise in such scams. In one case, a software engineer lost Rs. 95.2 lakh through a comparable scheme, while another resident from Hadapsar was allegedly defrauded of Rs. 1.2 crore using a fake online trading setup.

Cyber police officials have once again warned citizens to remain cautious while investing online. They stressed that guarantees of high or fixed returns are a common red flag and urged people to verify the authenticity of investment platforms before transferring money. Investors are also advised to consult trusted financial advisors and avoid acting on tips received through unsolicited messages or social media groups.