A 55-year-old IT professional in Pune has allegedly lost ₹67.94 lakh after being drawn into a fake online trading operation that initially appeared credible through a WhatsApp investment group.
According to the complaint filed with Pune Cyber Police, the fraudsters first gained the man's confidence by depositing ₹5,400 into his bank account. The money was presented as an advance connected to an initial investment, helping create the impression that the trading platform and the people behind it were legitimate.
Within days, however, the victim was persuaded to transfer tens of lakhs of rupees into bank accounts specified through the platform.
How the WhatsApp Investment Trap Started
The incident reportedly began in August when the victim came across a WhatsApp group while looking for information about the stock market.
The group regularly discussed shares and initial public offerings (IPOs). A woman who introduced herself as an investment-company representative subsequently contacted him and claimed that the group provided investment guidance with the potential for substantial returns.
Initially, the man did not invest and remained an observer. The fraudsters then reportedly offered him ₹5,000 to make an initial investment. Soon afterwards, ₹5,400 was credited to his bank account.
The actual bank transfer appears to have played an important role in establishing trust. Believing the transaction demonstrated that the operation was genuine, the victim began following the investment recommendations provided through the group.
₹67.94 Lakh Transferred Through the Fake Platform
Investigators said the victim was subsequently directed to transfer money into different bank accounts through the platform's customer-service interface.
His first reported transfer was ₹9.70 lakh on September 2. Two further transfers followed, involving ₹31 lakh and ₹27.24 lakh.
The total amount transferred eventually reached ₹67.94 lakh.
At the same time, the online trading account allegedly showed that his holdings had generated profits worth approximately ₹8.46 crore. The rapidly increasing figure reportedly reinforced his belief that the investments were performing successfully.
The displayed balance, however, did not represent funds that he could actually withdraw.
A ₹1.17 Crore Demand Raises Suspicion
The alleged fraud came to light when the victim tried to withdraw his supposed investment proceeds.
Instead of receiving the money, he was reportedly told that he needed to pay ₹1.17 crore in brokerage charges before the funds could be released.
The unusually large payment requirement prompted him to question the authenticity of the platform. Having experience with other legitimate trading platforms, he reportedly recognised that the withdrawal process did not appear consistent with normal trading practices.
He then decided to independently check the company whose identity had allegedly been used by the people operating the platform.
Visit to Mumbai Office Reveals the Alleged Fraud
On September 15, the victim reportedly visited the Mumbai office of the company named by the operators.
During the visit, he learned that the company had no genuine connection with the investment platform or the individuals who had been communicating with him.
After realising that the platform was allegedly being operated fraudulently, he reported the incident through the cybercrime helpline and approached Pune Cyber Police.
A complaint has been registered, and investigators are examining the bank accounts and financial transactions allegedly associated with the money transferred by the victim.
The case also highlights why Financial Investigation can be relevant when suspicious financial transactions, unexplained fund movements or potentially fraudulent money trails need closer examination.
How Fake Trading Platforms Gain Investors' Trust
Online investment scams frequently rely on a gradual process of building confidence rather than immediately asking victims for large sums.
In this case, the alleged fraud began with a WhatsApp group, investment discussions and a relatively small payment. The initial ₹5,400 transfer may have made the operation appear genuine to the victim.
Fraudulent platforms can then display fabricated profits or account balances to encourage users to invest more. Once a substantial amount has been deposited, additional demands may be made under labels such as brokerage, tax, processing charges or withdrawal fees.
A large profit figure displayed inside an application therefore does not by itself establish that the money actually exists or can be withdrawn.
Police Advice for Online Investors
The incident is another reminder for investors to independently verify an investment company and trading platform before transferring money.
Investors should be particularly cautious when:
- investment opportunities are promoted through unsolicited WhatsApp or social-media groups;
- unusually high returns are promised within a short period;
- an unfamiliar platform asks users to transfer money to multiple bank accounts;
- an application shows large profits but does not allow normal withdrawals;
- additional money is demanded before an alleged withdrawal can be processed.
A small initial payment or an apparently successful transaction should not be treated as independent proof that an investment platform is legitimate.
The Pune Cyber Police investigation is continuing, with financial transactions and the accounts allegedly used in the fraud being examined.