Irony of Cybercrime: Pune’s Cybersecurity Expert Loses ₹73 Lakh in Fake Trading App Scam
In a shocking case that underscores the growing sophistication of online scams, a cybersecurity expert from Pune, who is trained to prevent digital fraud, has himself become a victim of one. The expert reportedly lost ₹73.69 lakh in an online trading scam that ran over the course of a month.
The fraudsters lured him through a WhatsApp group promising high returns on stock investments and used a fake trading app to make the scheme appear legitimate. The case has raised serious concerns about the rising menace of digital investment frauds targeting even tech-savvy professionals.
According to police reports, the victim works for a private firm in Pune and came across the scam through a message sent from an international number in August. The message contained a link that, once clicked, automatically added him to a WhatsApp group of over 100 members.
The group appeared genuine — members frequently shared screenshots of huge profits allegedly earned through a specific trading platform. Posing as stock market mentors, the group admins gained the trust of the victim and other members by posting daily “profitable stock tips.”
Soon, the victim was asked to fill out a registration form and download a trading application that promised exclusive stock recommendations and massive profits.
Over the next few weeks — between August 8 and September 1 — the victim made 55 separate transactions, transferring a total of ₹73.69 lakh to multiple bank accounts. These accounts were spread across Chennai, Ulhasnagar (Thane), Bhadrak (Odisha), Firozpur (Punjab), Pimpri-Chinchwad, and Gurugram, according to The Indian Express.
The app’s dashboard displayed an impressive profit of ₹2.33 crore, convincing the victim that his investments were genuine. However, when he attempted to withdraw the funds, the fraudsters told him he must first pay a 10% “tax” to release the earnings.
At that point, the cybersecurity expert realized he had been duped.
After discovering the fraud, the victim lodged a formal complaint with the Pune City Cyber Crime Police Station. An FIR has been registered, and authorities have begun tracking the flow of funds and digital communication trails.
Police officials revealed that similar online trading scams have been increasing across Maharashtra — especially in Pune and Pimpri-Chinchwad — over the past two and a half years. These scams often use fake investment groups, video lectures, and mentorship programs to build trust before siphoning money through unverified accounts.
Fake Online Communities: Scammers create WhatsApp or Telegram groups filled with fake members who share screenshots of false profits.
Deceptive Apps: They ask victims to download unregistered trading applications, which display fabricated returns.
Gradual Investment Traps: Victims are persuaded to make repeated transfers, often starting with small amounts.
Withdrawal Block: When users try to withdraw, scammers demand extra payments such as “tax” or “processing fees.”
Vanishing Act: Once the victim refuses or questions the demand, all communication channels are deleted.
The Securities and Exchange Board of India (SEBI) had already issued an advisory in February 2024, cautioning investors about fraudulent online trading courses, mentorship programs, and fake apps.
According to SEBI, these scammers often impersonate employees or affiliates of registered foreign portfolio investors, luring people to download bogus trading platforms that promise access to IPOs or institutional benefits — all without any legitimate demat or trading account.
Many of these apps and communication networks operate using SIM cards purchased under fake identities, making them difficult to trace.
This incident highlights that no one is immune to cyber fraud, not even experts trained to identify and counter it. With fraudsters now using psychological manipulation, AI-driven chatbots, and realistic trading dashboards, even the most vigilant users can fall into their traps.
Authorities urge investors to:
Always verify trading platforms through official SEBI-registered brokers.
Avoid joining unverified WhatsApp or Telegram groups promising high returns.
Report suspicious activities immediately to the cybercrime helpline (1930) or through cybercrime.gov.in.
As the investigation continues, the Pune case stands as a grim reminder of how advanced and convincing online investment frauds have become — and how critical awareness, verification, and skepticism are in today’s digital finance landscape.
