Pune, June 6: In a shocking case of cybercrime, fraudsters duped a 63-year-old retired banker of INR 2.33 crore in an elaborate online share trading scam in Pune. The victim, lured by the promise of massive returns, was manipulated into transferring funds through a fake trading app that mimicked a reputed brokerage firm. To add to the deception, scammers also used his credentials to secure a loan of INR 92 lakh in his name. Over just seven days, the man made 19 transactions, believing he had earned over INR 11 crore in profits.

The victim, a resident of Khadki and a retired public sector bank official, was first contacted by an unknown woman who invited him to join a share trading scheme promising huge returns, according to an Indian Express report. He was then added to a WhatsApp group that falsely used the name of a well-known brokerage firm and its Chairman and Managing Director as the group admin, which convinced him of its authenticity. The group frequently shared fake profit screenshots and trading tutorials, further building trust. What Is an Online Share Trading Scam? As Mumbai Man Loses INR 3.63 Crore in 15-Day Fraud, Know How To Protect Yourself.

The fraudsters made the victim download a fraudulent trading app and fill out a registration form with his personal and banking details. They directed him to transfer money to multiple fake bank accounts located across various cities, including Rajkot, Ahmedabad, Mumbai, and Hyderabad. Each transaction showed large gains on the app, making the victim believe his investments were growing rapidly. Over seven days, he made 19 payments totalling INR 2.33 crore. Online Share Trading Scam in Mumbai: Fraudsters Impersonating Stock Trading Firm Officials Cheat Businessman of INR 55 Lakh in Fake IPO and Options Trading; Case Registered.

When the victim requested to withdraw his profits, he was asked to pay a 20% tax on the earnings. Sensing something was wrong, he contacted the genuine brokerage firm and realised he had been scammed. The culprits also took a loan of INR 92 lakh in his name using his stolen credentials. The Pune Cyber Crime Police have registered an FIR and are investigating the case.

(The above story first appeared on LatestLY on Jun 06, 2025 03:39 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).