Cybersecurity expert falls prey to ₹73 lakh online trading scam

A Pune-based cybersecurity professional has become the latest victim of a sophisticated online share trading scam, losing a staggering ₹73.69 lakh in just a month. The fraud unfolded after the victim was lured into a fraudulent trading scheme promoted through a WhatsApp group claiming to provide “high-return” stock tips.

According to the complaint filed at Pune City’s Cyber Crime Police Station, the victim received a message in August from an international number containing a link. Clicking it added him to a WhatsApp group of over 100 members, many of whom shared screenshots boasting massive profits from the group’s trading platform.

The group administrator later persuaded him to fill out a form and log in to a trading app that promised profitable stock tips. Between August 8 and September 1, the victim made 55 transfers—totaling ₹73.69 lakh—to mule accounts in Chennai, Ulhasnagar (Thane), Bhadrak (Odisha), Ferozepur (Punjab), Pimpri-Chinchwad, and Gurugram. The app falsely reflected ‘earnings’ of ₹2.33 crore. When he attempted to withdraw the funds, he was asked to pay a 10% “tax,” alerting him to the scam.

Authorities have noted a sharp rise in such online trading frauds across Maharashtra, particularly in Pune and Pimpri-Chinchwad, over the past two and a half years. Scammers typically exploit social media platforms and messaging apps to offer trading tips, virtual lectures, and mobile applications that promise high returns—preying on investors’ greed and trust.

Despite repeated advisories, awareness campaigns, and widespread media coverage, victims continue to fall for these schemes. In February last year, the Securities and Exchange Board of India (SEBI) issued a warning, noting that fraudsters often pose as employees of SEBI-registered entities, convincing individuals to download apps that allegedly allow share trading, IPO subscriptions, and “institutional account benefits,” all without requiring a legitimate trading or Demat account.

The Pune cybercrime police have registered an FIR and are investigating the case. Officials urge investors to exercise extreme caution and verify the authenticity of any online trading platform before investing.