Pune Cyber Fraud: Businessman Loses Rs 11 Crore After Fake Investment Profits

Pimpri Chinchwad, 23rd February 2026: A 55-year-old businessman from Pimpri Chinchwad has alleged that he was cheated of ₹11 crore in a sophisticated online stock-trading scam that unfolded over nearly three months, prompting police to register a case against unidentified cyber fraudsters.

According to investigators, the complainant — a resident of Nigdi and a former director of a firm in Chakan MIDC — was first approached in November through a messaging platform by individuals claiming to represent a reputed investment company. They allegedly assured him of high returns through stock market trades handled by their team.

Senior inspector Ravikiran Nale of the Pimpri Chinchwad Cyber Police said the suspects attempted to build credibility from the outset. “They told him their firm was authorised by the Securities and Exchange Board of India and even sent a certificate to support their claim,” he said.

Police stated that the victim was gradually added to a group chat where supposed investors discussed market trends, IPOs and trading strategies. The fraudsters then shared a link to a mobile application that displayed fabricated profits and portfolio growth, reinforcing his trust.

Initially, the complainant received returns amounting to about ₹40 lakh, which investigators believe was a tactic to lure him into investing larger sums. “After seeing profits credited to him, he gained confidence and decided to invest heavily,” Nale said. The man reportedly sold his stake in his own company and began transferring funds to multiple bank accounts provided by the suspects.

Between November and January 31, he transferred a total of ₹11 crore in several transactions. When he later attempted to withdraw his principal and profits, the suspects allegedly refused and demanded additional payments under various pretexts. Realising he had been deceived, he approached authorities and filed a complaint through the online cybercrime portal.

“Once we verified the details, we registered a case on February 20 and initiated an investigation. We have managed to freeze ₹70 lakh before it could be withdrawn,” Nale said.

Police have invoked provisions related to cheating, breach of trust and forgery under criminal law, along with relevant sections of the Information Technology legislation. Efforts are underway to trace the bank accounts, digital trails and identities of those involved.