Pune Man Loses Rs 1.22 Crore in Online Share Trading Scam

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Pune Businessman Loses Rs 1.22 Crore to Sophisticated Online Share Trading Scam

A 58-year-old businessman from Pune has fallen prey to a complex online share trading scam, losing a substantial amount of money to cunning cybercriminals who exploited his trust through a fake trading group and convincing mobile app.

Victim Targeted Through Fake Trading Group on Messaging Platform

The victim, a retail businessman from the Mundhwa area, was targeted between October and December 2025, when he was approached by a group on a popular messaging platform. The group claimed to offer profitable trading tips and promised high returns on investment.

Cybercriminals Exploit Victim’s Trust with Legitimate-Sounding Name and Mobile App

The scammers cleverly created a sense of legitimacy by naming their group similarly to a well-established share broking firm. As the victim became more engaged with the group, he was convinced of its authenticity and began transferring significant amounts of money into various bank accounts controlled by the scammers.

Rs 1.22 Crore Lost in Nearly Three Months

Over nearly three months, the victim lost a staggering Rs 1.22 crore, falling prey to the sophisticated tactics employed by the cybercriminals.

According to officials at the Pune cyber police department, the scammers used a range of tactics to deceive the victim, including sharing fake bank account details and offering to handle transactions on his behalf.

Police Launch Investigation and Warn Citizens of Risks Involved

The police have now launched an investigation into the case and have warned citizens to exercise caution when dealing with online investment opportunities.

In a statement, officials emphasized the importance of verifying the authenticity of online platforms before investing any funds. They cautioned against transferring money based solely on unsolicited advice or promises of guaranteed returns.

Growing Threat of Online Scams Requires Increased Awareness

This incident highlights the growing threat of online scams and the need for increased awareness among citizens about the risks involved. As cybercrime continues to evolve, it is essential for individuals and businesses to remain vigilant and take necessary precautions to protect themselves from such attacks.