Online trading has become increasingly accessible, offering investors a chance to participate in the stock market from their smartphones. But this ease has also opened the door for fraudsters. Pune has witnessed a sharp rise in online share trading scams, with victims losing crores to sophisticated, app-based frauds.
This article explores real incidents, how the scams work, and how you can protect yourself.
A Surge in Victims Across Pune
Between January 2024 and mid-2025, cyber police in Pune have registered over 272 trading scam complaints, amounting to more than ₹125 crore in combined losses . The methods are deceptive, well-planned, and professionally executed.
Here are some of the most notable cases:
📍 Tech Professional from Wakad Loses ₹1 Crore
In June 2024, a software engineer from Wakad was introduced to a fake trading app through a WhatsApp group that shared daily profit updates. He made small initial gains, which built confidence. Eventually, he invested over ₹1 crore. When he tried to withdraw profits, the app froze and support vanished.
📍 ₹54.6 Lakh Lost via Deepfake Video Scam
In another case, Pimpri Chinchwad cyber police arrested five individuals who used deepfake videos of finance influencers to promote a fake trading app. A Pune resident invested ₹54.6 lakh after seeing the manipulated content and receiving investment guidance via Telegram.
📍 Retired Banker Duped of ₹1.6 Crore in Vimannagar
A 79-year-old senior citizen was approached via a WhatsApp group and introduced to a bogus investment app. Convinced by the daily profit updates, he transferred ₹1.57 crore across multiple bank accounts. The app later became inaccessible.
📍 Engineer from Aundh Loses ₹44.8 Lakh
In Aundh, an engineer was added to a “VIP trading group.” He initially received returns on ₹10,000–₹50,000 investments. Later, encouraged to invest big, he deposited over ₹44 lakh — only to face “withdrawal errors” and loss of contact with the platform team.
📍 Pune Woman Scammed of ₹13.3 Lakh
A 44-year-old woman lost ₹13.3 lakh after she was guided through a so-called “mentorship” group on Telegram. She later found the platform wasn’t SEBI-registered, and all access to funds was blocked.
How These Trading Scams Operate
The structure of these scams is often consistent:
- Targeting via LinkedIn, WhatsApp, Telegram
- Scammers pose as analysts or recruiters and slowly build trust.
- Fake Trading Platforms
- Victims are directed to apps that simulate real trading environments.
- Initial Gains
- Small profits are allowed early on, sometimes even withdrawn, to build credibility.
- Encouraged Big Deposits
- Once confident, the victim is pushed to deposit large amounts — in the name of “high-yield short-term trades.”
- Blocked Withdrawals
- Attempts to withdraw larger sums trigger fake errors or hidden “tax” demands.
- Complete Disappearance
- The platform, app, and handlers vanish overnight.
Key Psychological Triggers Exploited
| Tactic | Purpose |
|---|---|
| Fake success stories | Builds confidence via group chats/screenshots |
| Urgency to invest | Triggers impulsive decisions |
| Professional branding | Gives app/platform false legitimacy |
| Romantic/emotional bonds | Manipulates via dating-style interactions |
Warning Signs to Look Out For
- App or website not registered with SEBI
- Pressure to act fast or lose the “opportunity”
- Payments requested via UPI to personal accounts
- Customer support only available on WhatsApp
- Lack of proper invoice, terms, or verifiable office address
How to Protect Yourself
- ✅ Use only SEBI-registered brokers
- ✅ Avoid investment advice from strangers online
- ✅ Verify any app on the Play Store/App Store ratings and reviews
- ✅ Cross-check all trading platforms on NSE/BSE official lists
- ✅ Always ask for tax invoices and withdrawal conditions
- ✅ Consult a certified financial advisor
If You’ve Been Targeted
- File a complaint at cybercrime.gov.in
- Report the bank transaction for reversal attempts
- Save all chats, app screenshots, payment proofs
- Warn others by reporting the fraud on social media and to regulators
Conclusion
The recent spike in online share trading scams in Pune is a wake-up call. Fraudsters are targeting people from all walks of life with increasingly convincing methods. The only protection is vigilance.
If the returns seem too good to be true, they actually are.
