A 26-year-old software engineer from Hinjewadi has allegedly lost ₹6.58 lakh in an online investment fraud after being promised high returns from stock market investments, and was later allegedly threatened with regulatory action when he asked for his money back.
How the Fraud Began
The victim had been searching for a brokerage firm on social media, hoping to start investing in the stock market, when he came across an alleged investment platform claiming to offer attractive returns through shares and IPOs. The accused allegedly began sharing market-related information and investment suggestions with him soon after initial contact.
How His Trust Was Built
The victim was added to a messaging-app group where members allegedly shared regular updates on stock market movements, individual companies, and upcoming IPOs. This steady flow of seemingly legitimate market commentary allegedly helped convince him he was dealing with a genuine, established investment platform, exactly the kind of credibility-building that makes these schemes so effective before any money changes hands.
How Much Money He Transferred
Once the accused had gained his confidence, they allegedly asked him to deposit money into different bank accounts. He transferred a total of ₹6.58 lakh, expecting these funds to generate the promised returns. But even after the stipulated period had passed, he allegedly received neither the promised profits nor his original principal back.
What Happened When He Demanded a Refund
When the victim pushed for his money to be returned, the accused allegedly began intimidating him, warning that continuing to demand repayment could trigger an inquiry from the Securities and Exchange Board of India (SEBI), and that he himself could face penalties linked to the investment.
Why Invoking SEBI's Name Mattered
According to the complaint, this threat of a SEBI inquiry and possible penalties was allegedly used specifically to pressure the victim into backing off his demands. Invoking a regulator's name is a tactic that can make a fraudulent threat feel considerably more credible and frightening to someone already worried about their lost money, playing on the assumption that genuine regulatory scrutiny is a real possibility. In this case, the victim eventually grew suspicious that he'd been cheated and approached the police.
What Police Are Investigating
Hinjewadi police are examining the bank accounts into which the victim transferred his ₹6.58 lakh, working to identify the actual account holders, trace where the money moved next, and establish whether the same accounts were used to collect funds from other victims as well. Investigators are also analysing the digital conversations, investment-related messages, and transaction records connected to the case, part of a broader financial investigation aimed at tracing exactly how far this network's reach actually extends.
Were Other Investors Targeted Too?
Investigators are also trying to determine whether this alleged network targeted other investors through similar social media advertisements and investment groups, and whether multiple individuals were involved in collecting and moving the money, or if this was the work of a smaller, more contained operation.
The Takeaway: Check Before You Invest
Cases like this are a clear reminder that legitimate investment platforms don't build trust through unsolicited group chats and social media outreach, and certainly don't threaten investors with regulatory action for simply asking for their own money back. Anyone approached this way should independently verify any investment platform's SEBI registration directly through official channels before transferring a single rupee.
FAQs
Q1. How much money did the victim lose in this scheme?
₹6.58 lakh, transferred into different bank accounts after being promised stock market and IPO returns.
Q2. How was the victim initially approached?
Through social media while searching for a brokerage firm, before being added to a messaging-app group that shared stock market updates and investment tips.
Q3. What threat did the accused allegedly use when he asked for a refund?
That continuing to demand repayment could trigger a SEBI inquiry and potential penalties against him.
Q4. What are police currently investigating?
The bank accounts the money was transferred into, the identity of the account holders, where the funds moved afterward, and whether other victims were targeted through the same network.