A 50-year-old software engineer, employed with a prominent company in the United Arab Emirates (UAE), suffered a staggering financial loss of Rs 1.73 crore after being ensnared in a sophisticated online share trading scam. The fraud occurred while he was on vacation in Pune between September and December 2025.
The Vacation That Turned Costly
The victim, who was staying at his flat in Pune's Kharadi area, was scrolling through social media when he encountered an advertisement promising handsome returns on investments in shares through a specific application. Intrigued by the prospect, he clicked on the link provided.
This simple action instantly added his phone number to a group on a popular messaging application. Within this group, members were actively discussing the substantial profits they had allegedly earned by trading shares based on tips shared by the group administrator.
How the Elaborate Scam Unfolded
After observing the positive chatter in the group, the software engineer contacted the group admin to express his interest. The admin then sent him a link to download a trading application. The victim complied and began by purchasing shares of smaller value.
"The group admin then encouraged him to invest in high-value shares and Initial Public Offerings (IPOs), promising to assist with the purchases," explained Senior Inspector Swapnali Shinde of the Pune Cybercrime Police. To facilitate the transactions, the fraudsters provided the victim with a staggering 13 different bank accounts.
Trusting the process, the engineer transferred a total of Rs 1.73 crore to these accounts between September and December. His application dashboard showed an impressive paper profit of approximately Rs 6 crore, further lulling him into a false sense of security.
The Moment of Realization and Police Complaint
The scam unraveled when the techie decided to liquidate some of his holdings and attempted to withdraw Rs 90 lakh. At this point, the suspects blocked the withdrawal and instead demanded more money from him. This demand was the red flag that finally made him realize he had been cheated.
He subsequently lodged an online complaint with the Pune Cybercrime Police on a Friday, detailing the entire fraudulent scheme. Police have registered a case and are investigating the money trail through the multiple bank accounts used by the criminals.
This is not an isolated incident in the Pune region. In a similar case reported earlier, a 36-year-old techie from Tathawade in Pimpri Chinchwad was defrauded of Rs 66.87 lakh between August and December of the previous year. His ordeal also began after clicking on a similar online investment advertisement.
These cases highlight a dangerous trend of cybercriminals using fake trading platforms and manipulated social proof to lure educated, high-income professionals into investment traps. Authorities urge the public to exercise extreme caution and verify the legitimacy of any unsolicited investment opportunity online.
