Fake trading platforms and WhatsApp groups used to dupe the elderly of crores of rupees
A series of online share trading scams have been registered across Pune, exposing how people are being duped through fake trading platforms and WhatsApp groups. Victims have lost crores and lakhs after being lured with promises of assured profits.
Senior citizen loses Rs 1.49 cr in
fake IPO and trading scheme
A 75-year-old resident of Khadakwasla was duped of a staggering Rs 1.49 crore in an online share trading and fake IPO scam between July 20, 2025 and October 1, 2025. The complaint was officially registered in February 2026.
According to police records, the victim was contacted through WhatsApp and added to a group that claimed to offer shares at discounted prices along with assured IPO allotments. The fraudsters projected themselves as seasoned market experts and promised high profits through strategic trading and preferential IPO access. The victim was shown professional-looking dashboards displaying impressive gains. He was guided step-by-step on how to ‘invest’ and was repeatedly assured that his money was growing. Over weeks, he transferred a massive Rs 1.49 crore into various bank accounts controlled by the fraudsters. When he attempted to withdraw his returns, communication abruptly stopped. No funds were returned.
Sinhagad Road resident cheated of Rs 26.30 lakh
in high-return trading offer
In another case registered under Sinhagad Road police jurisdiction, a 52-year-old resident was cheated of
Rs 26,30,000 between October 29, 2025 and December 16, 2025.
The police share the information, that he was lured with promises of higher returns through share trading. Fraudsters convinced him that they had specialised trading strategies capable of generating exceptional profits.
Like many such scams, the victim was shown projected profits and guided through online transactions. He was asked to deposit funds into accounts provided by the accused.
Rs 26.30 lakh was transferred. When he demanded withdrawals, the accused stopped responding.
Pingle says the manipulation follows a calculated psychological script: “Fraudsters build credibility by posing as advisors, creating fake profit dashboards, and even showing small initial returns to gain trust. Psychologically, it plays on authority bias, fear of missing out.”
Nanded City resident duped of
Rs 8.59 lakh through share trading lure
In a third case from Nanded City near Sinhagad Road, an 82-year-old resident lost Rs 8,59,505 in an online trading fraud between September 8, 2025 and October 19, 2025. The victim was approached with promises of substantial profits in share trading. Fraudsters presented themselves as knowledgeable advisors and persuaded him to invest in what appeared to be legitimate trading opportunities. He transferred Rs 8.59 lakh across multiple bank accounts. Eventually, no returns were credited, and contact was severed.
Fraudsters know
They build trust through polite conversations, daily profit screenshots, and constant follow-ups. Senior citizens, often less familiar with online trading verification processes, are persuaded to invest significant portions, sometimes their entire life savings.
Pingle warns
“Once confidence is built, victims are persuaded to invest their entire savings, and the money is siphoned off through layered mule accounts. The most important rule is simple: no legitimate investment guarantees high fixed returns. If someone promises that, it is a red flag. And in most cases, recovery is only partial.”
Inspector Shinde adds
“Most victims realise they’ve been cheated only when they try to withdraw, the so-called profits. By then, funds are already layered across multiple accounts. We attempt to freeze the money trail immediately, but recovery depends on how quickly the fraud is reported.”
Recovery and investigation
Cybercrime teams attempt to freeze beneficiary accounts if complaints are lodged quickly. However, once funds are withdrawn or moved across mule accounts, recovery becomes challenging.
Shinde reiterates
“We are repeatedly urging citizens to stay vigilant. No legitimate scheme offers unusually high assured returns. Our awareness drives are going on, but public caution is the strongest defence.”
Authorities repeatedly advise citizens to report fraud immediately to the national cyber helpline 1930 and register complaints on http://www.cybercrime.gov.in to improve chances of freezing.
These cases underline a harsh reality, guaranteed profits in the stock market do not exist. Fraudsters exploit aspiration and urgency. They combine financial jargon with psychological pressure. Senior citizens are particularly vulnerable.
Expert advice
Cyber and AI expert Adv. Rajas Pingle explains: “These are organised cybercrime syndicates specifically targeting senior citizens. They know retirees often hold lump-sum savings and are searching for better returns in a low-interest environment. That anxiety is being exploited.”
The modus operandi mirrors a larger trend in Pune, fake investment ecosystems created on WhatsApp, fabricated trading platforms, promises of guaranteed IPO allotments and high returns.
Senior citizens in the crosshairs
Across these three cases alone, over Rs 1.84 crore was siphoned off. What stands out is the age profile, highlighting how senior citizens are increasingly being targeted.
Senior Police Inspector Swapnali Shinde of Pune Cyber Branch confirms the trend: “There is no specific age group for share trading scams, but nearly 60 to 65 percent of recent victims are senior citizens, and the monetary losses in these cases are significantly higher.” Pune is often called a ‘retirement city’. Many holds fixed deposits, retirement corpus funds or savings.
* Question any promise of assured or daily returns.
