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According to the complaint, the trouble began when the retiree came across an advertisement on Facebook promising “online share trading” and “huge profits”
Drawn by the prospect of quick returns from the stock market, he clicked on the advertisement. (Representative Image)
On January 13, a 68-year-old retired bank officer approached the Pune Cyber Police to file a FIR, alleging that he had been cheated of Rs 5.63 crore in an online stock trading scam that unfolded over more than three years. The victim, a resident of Karvenagar in Pune, had spent his entire professional life in banking, dealing with regulations and fraud prevention, yet fell prey to an elaborate digital con that began in June 2022.
According to the complaint, the trouble began when the retiree came across an advertisement on Facebook promising “online share trading” and “huge profits”. Lured by the prospect of quick returns from the stock market, he clicked on the advertisement and was soon contacted on WhatsApp by individuals who introduced themselves as investment experts from a reputed financial firm. They assured him that returns were guaranteed despite market fluctuations and claimed that even small investments would generate instant profits.
The fraudsters persuaded the victim to download a trading application, which they described as a specialised platform for high-yield investments. Initially, he invested a small amount. To build his confidence, the scammers transferred a modest sum as “profit” back into his bank account. Investigators say this single transaction proved to be the turning point, convincing the retired banker that the platform was genuine.
Encouraged by the apparent returns, he began transferring larger sums. With every payment, the dashboard on the app showed his portfolio and profits rising sharply. Believing he was earning crores, the victim continued investing, unaware that the app was merely a fake interface displaying fabricated figures. In reality, his money was being diverted into multiple bank accounts controlled by the fraudsters.
The scam continued from June 2022 until August 2025. By the time his total investment touched Rs 5.63 crore and the app showed massive profits, the retiree decided to withdraw his funds. That was when the fraud unravelled. Instead of processing the withdrawal, the scammers demanded additional payments.
They first claimed his account had been frozen and asked him to pay Rs 20 lakh as tax to unlock it. After he complied, they demanded further amounts citing processing charges and later claimed that the Securities and Exchange Board of India (SEBI) was investigating the account and required additional clearance fees.
It was only after exhausting his savings and receiving no response from the so-called experts that the victim realised he had been cheated. The WhatsApp contacts stopped responding and the trading app became inaccessible.
Police officials said an investigation is underway, though the accused had already moved the funds across multiple accounts, complicating recovery efforts.
Cyber police officials have once again warned investors against falling for schemes that promise guaranteed returns. They said no legitimate stock market investment can assure fixed profits, and genuine brokers do not ask investors to transfer money into personal bank accounts or pay additional charges to withdraw funds.
January 15, 2026, 5:26 PM IST
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