Pune doctor loses Rs 12.31 Cr in elaborate online trading scam

A 75-year-old doctor in Pune has fallen victim to a high-value online share trading fraud , losing a staggering Rs 12.31 crore after being lured into a fake investment network , police said.

According to investigators, the ordeal began in the last week of January when the senior citizen received a message from an unknown number . The message contained a list of “recommended” stocks along with a link. Upon clicking it, he was added to a WhatsApp group whose administrators claimed to be senior executives of an international financial firm . One of them also posed as an author specialising in stock market trends .

Police said the group appeared convincing, with several members suspected to be part of the scam sharing messages about significant profits to build trust. Encouraged by these claims, the doctor expressed interest and was directed to download a fraudulent trading application that mimicked the name of a reputed global firm.

“The victim was asked to provide personal and financial details and was subsequently instructed to transfer funds to multiple bank accounts. These transactions were reflected as investments on the fake platform, along with fabricated returns ,” police said.

Between March 7 and March 18 , the doctor made eight transactions amounting to Rs 12.31 crore. When he hesitated to invest further, the accused allegedly issued threats to seize his properties , forcing him to continue the payments.

The fraudulent application later displayed notional returns of Rs 54 crore . However, when the victim attempted to withdraw the funds, he was met with further threats, prompting him to realise he had been cheated.

An FIR has been registered at the cyber police station, and authorities have launched a probe to trace the accused and the money trail.