A shocking case of cyber fraud has emerged from Pune, where a retired bank officer lost a staggering Rs 5.63 crore to online criminals. The 68-year-old victim, a resident of Karvenagar, fell prey to a sophisticated share trading scam that lasted from June 2022 to August 2025.
How the Scam Unfolded
The retired officer first encountered the fraudsters in 2022 through a social media platform. They presented themselves as legitimate investment advisors, promising excellent returns on stock market investments through their firm.
To facilitate the supposed trading, the criminals instructed him to download a specific application. This app would allow him to transfer funds and monitor his investment profits, they claimed.
The Trap of Small Initial Gains
Initially, the elderly man transferred modest amounts to various bank accounts provided by the scammers. To build trust, the criminals actually transferred some profit amounts back to his account during these early stages.
Seeing these apparent returns, the victim grew more confident in the scheme. He began transferring increasingly larger sums of money to the criminals' accounts.
The fraudulent application showed him what appeared to be substantial profits accumulating from his investments, further convincing him of the scheme's legitimacy.
The Reality of the Fraud
Problems began when the retired officer attempted to withdraw his money. The criminals invented various excuses and reasons why he couldn't access his funds immediately.
Instead of allowing withdrawals, they pressured him to transfer even more money. They claimed this additional capital was necessary to release his original investment and accumulated profits.
Desperate to recover his funds, the victim continued sending money to the fraudsters' accounts. Between July 2022 and September of last year, he transferred a total of Rs 5.63 crore.
Police Investigation Begins
On Tuesday, the retired officer finally approached the Pune cyber police and filed a formal complaint about the massive financial loss.
An officer from the cyber police unit confirmed the details of the case. "We have registered a case based on the complaint," the officer stated. "Our investigation will include writing to the victim's bank to obtain detailed transaction records from his accounts."
The police are now working to trace the money trail and identify the criminals behind this elaborate online trading fraud. The case highlights the growing sophistication of cyber scams targeting investors, particularly elderly individuals seeking good returns on their savings.
