Investigators revealed the gang used 26 mobile numbers, fraudulent websites and a fake trading app to gain the victim’s trust. Pune Cyber Police said funds were transferred in phases under the guise of high investment returns
The senior citizen was persuaded to transfer money, believing he was earning substantial profits. REPRESENTATION PIC/ISTOCK
An 85-year-old retired entrepreneur from Hadapsar in Pune was duped of over R22 crore in one of Pune’s biggest online share-trading frauds. The scam, executed in November 2025, involved fraudsters posing as investment advisors who lured the victim with promises of high returns through bogus online trading platforms.
According to the Cyber Police, the accused used 26 mobile numbers, fraudulent websites, and a fake trading application to gain the senior citizen’s trust. Subsequently, he was persuaded to transfer large sums in phases, believing he was earning substantial profits. So far, eight accused have been arrested from Chhatrapati Sambhajinagar, and Ambernath in Thane district.
The police have frozen Rs 3.24 crore after examining nearly 40,000 bank transactions. Investigators revealed that the money was routed through layered mule accounts across states to obscure the trail. An FIR has been registered at Pune Cyber police station. The accused have been remanded to police custody till February 12. The police are probing whether the gang targeted other victims.
‘Be smart, be safe’
>> The police have repeatedly cautioned citizens, especially senior citizens, not to trust schemes promising returns higher than bank rates. The police say…
>> Do not click on unknown investment links shared on WhatsApp or social media
>> Verify platforms with SEBI or official financial institutions
>> Avoid downloading trading apps from unknown sources
>> In case of fraud, immediately register complaints on www.cybercrime.gov.in
>> Remain vigilant in the virtual world and report suspicious transactions immediately
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