Army doctor loses Rs 1.2 cr in share trading cyber fraud in Pune

According to the FIR, the complainant had been added to a WhatsApp group mid-July through a link that was sent to him. In this group, the administrators allegedly discussed various options to get high returns in stock market investments. A while later he was made to download a phone based application for share trading, which the probe has now revealed was a fraudulent platform.

After logging into this application, the complainant was made to make multiple transfers to fraudulent bank accounts. All these fund transfers were reflected as his investments on the app, which showed corresponding high gains against the total money sent. After the complainant made close to 35 transfers over 40 days totalling Rs 1.22 crore, the fraudulent app showed that his gains were Rs 10.26 crore. At this point, when the complainant tried to withdraw his earnings, he was asked to pay five per cent of the profits, which was over Rs 45 lakh, or else his earnings will be freezed. The complainant refused to make the transfer and asked the WhatsApp group admins for the registered address of the platform. He was given an address from New Delhi. When he checked the address, he got to know that no such platform functioned from that address and realised he had been cheated.

He registered an online complaint on the Cyber crime helpline and subsequently an FIR was registered at Cyber police station of Pune City police. “We have launched a probe into the contact numbers and bank accounts used in the crime,” said an officer.

In separate cases of share trading fraud registered with Pune City police in August, one veteran from the Indian Air Force and another from the Indian Navy lost a total of Rs 1.3 crore. The two veterans were manipulated into making large transfers to fraudulent accounts after they were added to WhatsApp groups promising high returns on stock investments.

In an advisory issued in this regard on February 26, the Securities and Exchange Board of India (SEBI) said, “Fraudsters are enticing victims through online trading courses, seminars, and mentorship programs in the stock market, leveraging social media platforms like WhatsApp or Telegram, as well as live broadcasts. Posing as employees or affiliates of SEBI-registered Foreign Portfolio Investors, they coax individuals into downloading applications that purportedly allow them to purchase shares, subscribe to IPOs, and enjoy “Institutional account benefits”—all without the need for an official trading or Demat account. These operations often use mobile numbers registered under false names to orchestrate their schemes.”