Pharmacy Trader Loses Rs 6.7 Crore to Fake Investment App Fraud
Doctor Duped
Kolhapur: A 52-year-old wholesale pharmacy distributor from Karad has lost Rs 6.7 crore over a period of six months after falling prey to a sophisticated fake stock investment mobile application scam, police officials stated. The victim was lured into repeatedly investing large sums of money through a fraudulent app that promised discounted shares and high returns, eventually transferring funds to dozens of bank accounts before realising he had been cheated.
According to police, the victim, Ajay Bhattad, a resident of Shaniwar Peth in Karad, Satara district, was first contacted on September 9, 2025, through WhatsApp messages and voice calls from unknown mobile numbers. At the time, he was visiting a relative in Jaysingpur town of Kolhapur district. The callers convinced him to download a mobile application named “SIG”, claiming it offered exclusive share market investment opportunities.
The fraudsters assured Bhattad that the app allowed users to purchase stocks and shares at discounted rates and earn high profits upon liquidation. Initially, Bhattad received small returns on his investments, which encouraged him to continue investing larger amounts. Over time, he transferred a total of ₹6.7 crore into the scheme.
Police investigations revealed that the money was sent via RTGS transactions to nearly 30 different bank accounts, including both public and private sector banks, most of which were located outside Maharashtra. Authorities also found that the fake app and website displayed exaggerated claims, stating that some investors had earned profits of up to ₹333 crore, in order to gain credibility and lure victims into investing more.
A case has been registered against unknown individuals operating the SIG app and the phone numbers used to contact the victim. The charges have been filed under Sections 318(4), 316(2) and 3(5) of the Bharatiya Nyaya Sanhita, 2023, along with Section 66(D) of the Information Technology Act, 2000, which deals with cheating by personation using computer resources.
Speaking to Times of India, Amol Thakur, sub-divisional police officer of the Jaysingpur division, said the app and website were deliberately designed to appear legitimate and manipulate investors into repeatedly investing increasing amounts of money. Kolhapur Superintendent of Police Yogeshkumar Gupta has directed cyber police officials to intensify the investigation and trace the financial trail.
Police have initiated coordination with the concerned banks to freeze the accounts involved and prevent further siphoning of funds. The investigation is ongoing as authorities work to identify the individuals behind the large-scale cyber investment fraud.
