Pune Ophthalmologist loses Rs 95 lakh in share trading scam, saved from losing Rs 1.59 crore
Pune: A Pune-based ophthalmologist allegedly lost around Rs 95 lakh in an online share trading scam after being lured into investing through a fake investment platform. A timely warning call from the Delhi Cyber Crime Cell prevented him from transferring an additional Rs 1.59 crore to the cyber fraudsters.
Pune Cyber Police have registered an FIR and launched an investigation to trace the money trail and identify those involved.
According to the police complaint, the 50-year-old doctor came across a Facebook advertisement promoting unusually high returns from stock market investments. The advertisement claimed users could receive free stock analysis by entering the name of a listed company. Soon after, the doctor was contacted through WhatsApp and added to an investment group where members regularly shared screenshots of large profits, creating the impression that the platform was genuine.
The fraudsters allegedly introduced themselves as representatives of a reputed investment research and brokerage firm. They persuaded the doctor to download a fake trading application, complete KYC formalities and begin investing. To gain his trust, they initially asked him to invest a small amount. The app displayed quick profits, and he was able to withdraw small sums into his bank account, making the platform appear legitimate.
“To gain his confidence, the fraudsters first asked him to invest a small amount. The trading platform reflected a profit almost immediately, and he also received three withdrawals totalling Rs 11,000 in his bank account. Convinced that the platform was genuine, he continued investing,” an officer who is part of the probe said, reports The Indian Express.
Between June 24 and July 16, the doctor transferred money in multiple instalments ranging from Rs 1,000 to Rs 55 lakh to different bank accounts. The total amount was nearly Rs 95 lakh, creating the impression of substantial profits.
The application later showed that the investment had grown to more than Rs 2.03 crore. However, when the doctor tried to withdraw the amount, the request was rejected. The fraudsters then allegedly claimed that a larger IPO allocation had been made in his name and demanded an additional Rs 1.59 crore as a prerequisite for releasing the funds.
Before making the payment, the doctor received a phone call from the Delhi Cyber Crime Cell. Officials informed him that some of the bank accounts to which he had transferred money had already been flagged in cyber fraud complaints and were suspected mule accounts. Realising he had been cheated, he immediately stopped the planned transfer of Rs 1.59 crore and reported the matter through the National Cyber Crime Helpline (1930), the cybercrime portal and later to Pune Cyber Police.
According to The Indian Express, investigators believe the case follows a common pattern seen in online investment scams, where fraudsters use social media advertisements and WhatsApp groups to lure victims, display fake profits on fraudulent trading apps, allow small withdrawals to build confidence, and later pressure victims into investing much larger amounts before blocking withdrawals. Police are now tracing the beneficiary accounts used in the fraud as part of the ongoing investigation.
