Pune: Two Techies Duped of Over Rs 91 Lakh in Separate Online Share Trading Frauds
Pune, 31st July 2025: In two separate cases of cyber fraud reported in Pune, tech professionals from Sangvi and Aundh were collectively cheated of nearly ₹91 lakh by fraudsters operating bogus online share trading platforms. The cases, which took place between August and September last year, came to light after the victims filed detailed complaint applications with the city’s cyber crime unit.
In the first incident, a 54-year-old software engineer from Sangvi lost ₹46.6 lakh after being lured into an investment scam through a mobile messaging app. According to the Sangvi police, the victim was added to a group that appeared to be made up of stock market enthusiasts and investors. The group was abuzz with testimonies of high returns, allegedly from successful trades facilitated by the group’s administrators.
“The victim was influenced by messages from other members claiming to have made profits. Believing it to be a legitimate trading opportunity, he made an initial investment of ₹31.8 lakh across various bank accounts shared with him,” said a Sangvi police officer.
Later, in a bid to earn more, the engineer transferred an additional ₹17.8 lakh. His suspicions were aroused when he tried to withdraw his earnings but found himself locked out of the platform. Realising he had been conned, he approached the cyber police. Following a preliminary inquiry, a case was registered at Sangvi police station on Tuesday.
In a similar case, a 38-year-old tech professional from Aundh lost ₹44.8 lakh after being tricked by fraudsters posing as expert brokers. His phone number was added to a so-called share trading group where members appeared to be praising the admin for his accurate trading tips.
“Convinced by the positive chatter, the victim contacted the group admin and expressed interest in trading. He was then directed to download a specific trading app, where he began purchasing shares,” said Police Inspector Ashwini Nanaware of Chatushrungi police station.
Initially, the man saw some profits, which further encouraged him to invest in high-value shares and Initial Public Offerings (IPOs) suggested by the fraudsters. However, he soon discovered that he could neither withdraw his money nor contact the group admin. After verifying the complaint, Chatushrungi police registered a case of cheating on Wednesday.
Cybercrime officers have once again warned the public to remain cautious when engaging in online financial activities, especially those involving unknown platforms or individuals making lofty promises. “Always verify the legitimacy of trading platforms and avoid joining investment groups blindly based on testimonials,” said an official.
Investigations in both cases are ongoing, and police are trying to trace the bank accounts and digital trails left by the fraudsters.
