A 46-year-old retired software engineer residing in Pimple Saudagar, Pune, filed a complaint with the Pimpri Chinchwad Cyber Police on Friday, alleging that online fraudsters duped him of Rs 4.43 crore. The fraudsters lured him with promises of lucrative returns on investments in online share trading.
According to the police, the fraudulent activities took place between May 7 and June 1, 2025. Senior Inspector Ravikiran Nale of the Pimpri Chinchwad cyber police stated, "The techie previously lived abroad and worked as a software engineer. After retiring, he moved to Pune in October 2025 and has been unemployed since then."
The police revealed that the victim had been investing in the stock market for the past 15 years. On March 29, he came across an investment advertisement on a messaging app. The advertisement highlighted investment opportunities and claimed high profits earned by investors. It also encouraged people to join a group on another messaging platform. Following this, the techie joined the group in March.
The group admin regularly shared stock market information, including guidance on which shares to buy and when to sell them. The admin frequently posted details of shares of various companies expected to generate high returns. Other group members often posted screenshots showing profits ranging from 25% to 75%, thereby building confidence among investors. Based on their advice, the techie purchased shares through another trading app he was already using and initially earned good profits.
Senior Inspector Nale added, "Subsequently, the fraudsters used 10 different phone numbers to instruct him to open an account on their share-trading app. They also provided details of 10 different bank accounts into which he was asked to transfer money for investments. Using their app, the techie invested a total of Rs 4.43 crore. The app showed that the shares had generated a profit, with the total value reaching Rs 26.64 crore as of June 1. However, when the techie attempted to withdraw the amount, the group admin demanded a service charge of 5%. The service fee was calculated at Rs 1.33 crore. Realizing that he had been cheated, the techie approached the cyber police and lodged a complaint."
