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One of the biggest cyber fraud cases ever reported in Pune has shocked investors and law enforcement alike. An 85-year-old retired businessman was allegedly cheated out of more than ₹22 crore by cybercriminals in the name of online share trading. The fraud continued for over three months, during which the victim transferred money to nearly 150 different bank accounts, ignoring repeated bank alerts that flagged the transactions as suspicious.

The Pune Cyber Police have registered a case and launched a detailed investigation, while also issuing a fresh warning for citizens to remain cautious about online investment offers and unknown trading platforms.

How the Share Trading Scam Began

According to reports, the scam started when the elderly businessman was added to an investment-related group on a messaging app. The group’s name closely resembled that of a well-known brokerage firm, which immediately created a sense of trust. Inside the group, several members regularly shared screenshots and messages claiming huge profits from stock market trades.

Seeing these messages, the victim expressed interest in investing. Cyber fraudsters posing as market experts quickly contacted him privately and promised exceptionally high returns within a short period. This was the turning point where the scam took shape.

Fake Trading App Created False Sense of Profit

To make the scheme look genuine, the fraudsters sent the victim a download link for a fake share trading application. Once installed, the app showed fabricated data such as rising portfolio value, profitable trades, and growing balances. These visuals convinced the victim that his investments were performing extremely well.

Encouraged by the apparent profits, he was persuaded to invest larger amounts repeatedly. Each time, the scammers assured him that withdrawing profits was possible—but only after making additional payments such as “processing fees,” “tax clearance,” or “account upgrades.”

Money Transferred to 150 Different Bank Accounts

Over a span of nearly three months, the victim transferred funds to around 150 separate bank accounts. Investigators believe these accounts were spread across multiple cities and were opened using fake or stolen identities. The fraudsters used different mobile numbers, digital wallets, and online payment methods to avoid detection.

What makes this case particularly alarming is that the victim not only used his life savings but also sold assets after his business had shut down, believing he was making a highly profitable investment.

Bank Alerts Ignored at a Heavy Cost

During this period, banks repeatedly sent alerts and warnings flagging the large and unusual transactions as potentially fraudulent. Despite these notifications, the victim continued transferring money, fully trusting the fake trading platform and the people managing it.

He also did not discuss these investments with his family members, including his son and daughter-in-law, which further delayed the discovery of the fraud.

Family Suspicion Exposed the Scam

The scam finally came to light when the elderly man casually mentioned his investments during a family conversation. His son grew suspicious and decided to review bank statements and transaction records. The sheer number of transfers and unfamiliar accounts raised immediate red flags.

The family then approached the Pune Cyber Police, who registered a case under cheating and IT Act provisions. Authorities are now tracing the money trail and attempting to identify those behind the fake investment network.

Cyber Police Issue Strong Warning to Investors

Following the incident, cyber police officials have urged the public—especially senior citizens—to remain extremely cautious while dealing with online investment opportunities. They have advised people to:

• Avoid clicking on unknown links or downloading apps from unofficial sources

• Never trust investment tips shared on social media or messaging apps

• Verify trading platforms through official websites and regulators

• Consult family members, banks, or certified financial advisors before making large transactions

Officials stressed that a small amount of caution can prevent massive financial losses.

A Harsh Reminder for Digital Investors

This ₹22 crore scam serves as a stark reminder that cybercriminals are becoming increasingly sophisticated, using fake apps, cloned brand names, and psychological pressure to trap unsuspecting victims. As online investing grows in popularity, so does the need for awareness and digital vigilance.

For investors, especially the elderly, trusting unknown online platforms without verification can turn lifelong savings into irreversible losses.