Pune Cyber Police Arrest Man from Satara in Rs 1.4 Crore Fake Trading App Fraud
Pune, 2nd May 2026: The officials from the Cyber Police Station of Pune city have arrested a 38-year-old man for allegedly cheating a person of over Rs 1.4 crore by luring him into investing in a fake trading application.
According to police, the accused and his associates contacted the victim via WhatsApp, posing as representatives of a “Tycoon Coin” company. They promised high returns on investments made through their trading app and persuaded the complainant to transfer money into multiple bank accounts. However, no returns were provided, resulting in a total loss of Rs 1,40,16,315.
During the investigation, officials found that Rs 1 lakh from the defrauded amount had been transferred to a bank account linked to Sushant Hanmant Nikam, a resident of Satara district. A police team tracked him down and detained him from Satara after conducting technical analysis of his mobile phone.
The accused was arrested on April 29, 2026, and brought to Pune for further investigation. One mobile phone has been seized from him, and its data is being analysed to uncover the wider network involved in the fraud.
Police said a case has been registered under relevant sections of the Bharatiya Nyaya Sanhita and the Information Technology Act 2000, including provisions related to cheating and online fraud.
In an advisory, the cyber police urged citizens to remain cautious against online scams involving promises of high returns in share trading, threats of arrest, fake parcel or drug-related claims, and fraudulent messages about bank KYC updates or utility disconnections. People have been advised to immediately contact the nearest police station in case of suspicious communication.
Authorities also appealed to companies to maintain better communication with their accounts departments and employees to prevent such frauds. Further investigation in the case is underway.
