Pune Businessman Loses ₹11 Crore in Elaborate Online Investment Scam; Cyber Police Freeze ₹70 Lakh

Pune businessman was duped of ₹11 crore in a sophisticated cyber investment scam. Police have registered a case and frozen ₹70 lakh so far.

Pune | 23 February, 2026- A 55-year-old businessman from Nigdi in Pimpri-Chinchwad has lost a staggering ₹11 crore in a sophisticated online investment scam that unfolded over nearly three months. The case, now under investigation by the Pimpri-Chinchwad Cyber Police, highlights the growing threat of digital financial fraud targeting high-value investors with promises of extraordinary stock market returns.

According to police officials, the victim, a former company director based in the Chakan MIDC area, was first contacted in November 2025 through a messaging platform by individuals posing as representatives of a reputed investment firm. The fraudsters claimed they had expertise in stock market trading and could generate substantial profits through strategic investments in IPOs and high-growth equities. To make their operation appear credible, they shared forged documents, including a fake Securities and Exchange Board of India (SEBI) registration certificate, convincing the businessman of their authenticity.

The accused gradually added the victim to an online investment discussion group where market tips, trading screenshots, and profit updates were regularly shared. He was then instructed to download a mobile trading application that displayed fabricated portfolio growth and steady profits. In the early stages, the victim reportedly received returns of nearly ₹40 lakh, reinforcing his trust in the system. Cybercrime experts say such “initial profit payouts” are a common tactic used by scammers to build confidence before encouraging victims to invest significantly larger sums.

Encouraged by the visible gains, the businessman continued transferring funds to multiple bank accounts provided by the fraudsters between November and January 31. Investigators revealed that he invested money from personal savings and even proceeds from selling his business stake. By the time the transactions stopped, the total amount transferred had reached ₹11 crore.

Trouble began when the victim attempted to withdraw his principal amount and accumulated profits. The fraudsters allegedly denied his request and demanded additional payments under the pretext of processing charges, taxes, and account upgrades. It was at this stage that the businessman realised he had been deceived and approached the cybercrime police to file a formal complaint on February 20.

Senior officers confirmed that a case has been registered under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act, covering offences such as cheating, forgery, and criminal breach of trust. During preliminary investigation, authorities managed to freeze approximately ₹70 lakh linked to the fraudulent transactions before the funds could be fully siphoned off.

Cyber officials are now tracing the digital money trail, analysing bank account details, IP logs, and communication records to identify and apprehend those involved. Investigators suspect that the fraud network may be part of a larger interstate or international cybercrime syndicate operating through shell accounts and mule bank accounts.

The incident underscores the rising sophistication of cyber financial fraud in India’s expanding digital investment ecosystem. With the increasing popularity of online trading platforms, IPO investments, and app-based stock trading, cybercriminals are exploiting investor enthusiasm and technological trust. Authorities warn citizens to independently verify investment firms through official regulatory websites, avoid unsolicited investment advice received via messaging apps or social media, and remain cautious of schemes promising unusually high or guaranteed returns.

Police have reiterated that any suspicious financial activity should be immediately reported to the national cybercrime helpline (1930) or through the official cybercrime reporting portal to improve chances of fund recovery.

The ₹11 crore fraud serves as a stark reminder that even experienced business professionals can fall prey to meticulously planned digital scams. Vigilance, verification, and financial prudence remain the strongest safeguards against online investment fraud.

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