Karad Pharma Distributor Loses Rs 6.7 Crore in WhatsApp Share Scam
A 52-year-old wholesale pharmacy distributor from Karad, Maharashtra, has been defrauded of a staggering Rs 6.7 crore by cybercriminals who lured him with promises of discounted shares and high investment returns over a six-month period, according to police reports. The victim, Ajay Bhattad, a resident of Shaniwar Peth in Satara's Karad town, fell prey to an elaborate scam initiated through a WhatsApp message.
How the Scam Unfolded
On September 9, 2025, while visiting a relative in Jaysingpur, Kolhapur, Bhattad received a WhatsApp message containing a link and voice calls from two unknown numbers. The callers promoted a share market investment plan, urging him to download a mobile application named SIG. They claimed the app offered shares and stocks at discounted prices and guaranteed substantial returns upon liquidation.
Initially, Bhattad received some returns, which built his trust and led him to continue investing. The scammers expertly trapped him, with purchases continuing as recently as the first week of February 2026. Sub-divisional police officer Amol Thakur of the Jaysingpur division, appointed by superintendent of police Yogeshkumar Gupta for a thorough investigation, detailed the case.
Police Investigation Reveals Widespread Fraud
During verification, police discovered that the funds were transferred via RTGS mode to 30 different accounts in both private and public banks, with most branches located outside Maharashtra. Thakur noted that the scamsters' website is deceptive, making false claims such as investors earning huge profits of Rs 333 crore.
Superintendent Gupta has deputed staff from the cyber police station to work under Thakur to uncover the full extent of the scam. "It is an organised crime," said the investigation officer. "We are reaching out to the banks to prevent further transfer of invested funds to mule accounts."
Legal Action Taken
A case has been registered against the unknown operators of the SIG mobile app and individuals associated with the two phone numbers used for communication. The charges include sections 318(4), 316(2), 3(5) of the Bharatiya Nyaya Sanhita (BNS) 2023 and section 66(D) of the Indian IT Act 2000, highlighting the severity of the cybercrime.
This incident serves as a stark reminder of the risks associated with unsolicited investment offers via digital platforms. Authorities urge the public to exercise caution and verify sources before engaging in financial transactions online.
