WhatsApp EBI Advisor Scam: Pune Businessman Loses ₹11.13 Crore to Fake App

Cybercrime Ring Busted in Pune, India

A sophisticated cybercrime ring has been busted in Pune, India, after a local businessman was swindled out of ₹11.13 crore (approximately $1.5 million USD) through a fake stock market investment advisory scheme.

The Scam

The scam, which unfolded over three months, involved a complex web of deceit, including a fake trading application, forged regulatory documents, and a network of fake social media profiles.

However, many of the group members were found to be fake profiles operated by the scammers, who posted fake testimonials and profit updates to build credibility and create a sense of urgency.

The Scammers’ Tactics

To further establish trust, the scammers provided the victim with a forged SEBI registration certificate, fake company incorporation documents, and a professional-looking investor presentation.

The documents appeared authentic, complete with logos, registration numbers, and regulatory language commonly found in genuine advisory firms.

The Money Trail

Once the victim’s trust was gained, the scammers instructed him to transfer funds into multiple bank accounts, allegedly for diversified portfolio allocation.

However, the money trail revealed that the funds were routed through multiple accounts, believed to be mule accounts, to break the transaction chain and delay detection.

The Victim’s Suspicion

When the victim attempted to withdraw funds after seeing substantial profits on the fake app dashboard, the scammers demanded additional payments, citing capital gains tax, liquidity charges, and technical clearance fees.

Repeated payment requests without any actual withdrawal triggered the victim’s suspicion, leading to a complaint with the cyber police.

The Investigation

The authorities have launched a forensic examination of the fake application, server logs, and mobile devices used in the communication chain.

Bank statements are being analyzed to map the flow of funds and identify the end beneficiaries.

Coordination with financial institutions is underway to freeze suspect accounts and recover any remaining balance.

Expert Insights

Experts note that such scams have surged nationwide, with scammers increasingly using forged regulatory certificates, cloned trading interfaces, and staged profit screenshots to deceive victims.

The Pune case mirrors similar high-value frauds reported in recent months, where victims were first shown small gains before being induced to invest large sums.

Law Enforcement Warning

Law enforcement officials have urged investors to verify SEBI registration directly through the regulator’s official website and to avoid investing in unregistered schemes.

Further arrests are likely as investigators trace the financial network and digital infrastructure behind the racket.