Pune: Pimpri-Chinchwad Businessman Duped of Rs 4.4 Lakh by Two YouTubers in Hinjawadi Share Market Scam
Reported by Varad Bhatkhande
Hinjawadi, 15th July 2025: A businessman from Pimpri-Chinchwad, drawn in by a YouTube video on share market investments, fell victim to a scam after connecting with the video’s creators. The businessman learned that the YouTuber was scheduled to visit Hotel Tip Top International in Wakad, within Hinjawadi Police jurisdiction. Hoping to profit, he went to the hotel, met the YouTuber, and handed over cash for investment. Instead, the YouTuber disappeared with the money. Authorities have since identified the suspect as a notorious fraudster with cases pending across the country.
The 38-year-old complainant, a resident of Chikhali, filed an official complaint at Hinjawadi Police Station. Police are investigating Ajay Kumar Arya and Saurabh Chawla (both from Rajasthan) under IPC Sections 420 (cheating and dishonestly inducing delivery of property), 406 (criminal breach of trust), and relevant sections of the Information Technology Act.
According to police, the businessman first met the accused on 21st January 2023 after following their YouTube channel “Cappmorefx,” which promoted seemingly lucrative trading advice. Upon hearing the duo were visiting Tip Top Hotel, the businessman attended and handed over Rs 45,000 in cash to open a trading account. A virtual account was created, with dollar figures regularly reflecting in his dashboard.
Later, at a seminar in Solapur, the accused convinced him to invest an additional Rs 3,98,500. After this transfer, his trading account saw no further activity and attempts to contact the accused were met with evasive answers before their phones went unreachable. Realizing the truth, the businessman filed a police complaint on Monday.
Investigations and media reports reveal that Ajay Arya and Saurabh Chawla are involved in a massive Rs 2,000 crore pan-India forex and cyber fraud, running schemes under names like Cappmorefx and Teachable Tech. The operation used aggressive marketing tactics on social media and YouTube, promising unrealistic 200–300% returns and enticing victims across several states with a multi-level marketing (MLM) structure.
Ajay Arya, reportedly the kingpin, was arrested by Rajasthan police, with raids uncovering luxury cars, large sums of cash, and digital evidence. The network is tied to thousands of cybercrime complaints nationwide. Fraudsters initially paid out to early investors to build trust, then abruptly shut down in mid-2023, fleeing with collected funds. Properties linked to scam proceeds are also under investigation. Ajay Arya remains in custody, while Saurabh Chawla and others face further legal action under the BNS and IT Acts. The Hinjawadi case adds to their mounting legal troubles.
Senior Police Inspector Balaji Pandhare, in charge at Hinjawadi Police Station, told Punekar News, “A complaint was registered yesterday and a case has been filed against the duo. We are working with cyber police to detain the accused. The complainant met the suspects at Tip Top Hotel in Wakad. The accused have cases registered against them nationwide. Our investigation is ongoing.”
