Pune Share Market Scam: ₹11.13 Crore Fraud Exposed, Eight Arrested

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A Sophisticated Share Market Scam Uncovered in Pune, India, Leads to Eight Arrests and ₹11.13 Crore in Losses

In a major crackdown on organized cyber-enabled financial scams, the cyber cell of the Pimpri-Chinchwad Police in Pune, India, has busted a complex share market and Initial Public Offering (IPO) investment fraud scheme.

Scam Details

The scam, which resulted in losses of ₹11.13 crore, involved a network of individuals who lured investors with promises of unusually high returns.

The scam came to light after a 61-year-old retired private-sector employee, Pralhad Hage, filed a complaint with the cyber police. Between November 4, 2025, and January 31, 2026, the accused allegedly convinced Hage to invest in share market and IPO schemes, assuring him of unusually high profits.

Hage transferred ₹11.13 crore through 52 transactions to multiple bank accounts provided by the accused. However, when the promised returns failed to materialize, Hage realized he had been cheated and approached the police.

Arrests and Investigation

An investigation led to the arrest of eight individuals, identified as Abhay Balasaheb Patil, Shivtej Rajendra Pote, Mahesh Karbassapap Udchane, Rahul Bahadurprasad Maurya, Yuvraj alias Santosh Satish Mudliyar, Pankaj Mangu Girigosavi, Prahlad Pruthviraj Gadari, and another accomplice from Rajasthan.

The accused hail from various locations, including Kolhapur, Wagholi, Lohegaon, Dahisar in Mumbai, and parts of Rajasthan, indicating a well-organized interstate network.

Modus Operandi

The investigation revealed that the accused used multiple bank accounts to collect and withdraw funds from victims. One of the main accused admitted to using 15 to 20 bank accounts to route and withdraw funds obtained from investors.

Authorities believe these accounts were provided to intermediaries in exchange for commissions and were later used for cybercrime activities.

Recovery and Ongoing Investigation

So far, investigators have frozen or recovered approximately ₹1.80 crore from the bank accounts linked to the fraud.

The police are continuing their investigation to identify additional victims, trace the remaining funds, and determine whether the accused were part of a larger cyber fraud network targeting investors through fake share trading schemes.

The case highlights the growing threat of cyber-enabled financial scams and the need for investors to exercise caution when dealing with unsolicited investment opportunities.