Daijiworld Media Network - Pune
Pune, Jun 9: A retired IT professional from Pune has allegedly fallen victim to an elaborate online investment fraud, losing more than Rs 4.43 crore to cybercriminals who posed as stock market experts and lured him with promises of extraordinary returns through WhatsApp and Telegram groups.
The victim, identified as Ujjwal Digambar Chaudhary, 46, a resident of Roseland Residency in Pimple Saudagar, had been investing in the stock market for nearly 15 years. According to police, the fraud unfolded over several months and involved a network of fake investment groups, fabricated trading platforms and multiple bank accounts used to siphon funds.
The complaint states that Chaudhary encountered an investment-related advertisement on Telegram on March 29 while browsing news content. The advertisement, linked to an account named “Amit20891,” claimed to offer lucrative stock market opportunities and invited users to join a WhatsApp group called “663 HSBC Stock Analysis Team.”
After joining the group, Chaudhary was introduced to individuals identifying themselves as investment advisers and group administrators. Members regularly shared stock recommendations and posted screenshots purportedly showing profits ranging from 25 to 75 per cent, creating the impression of a highly successful investment community.
Investigators said the victim initially followed some of the stock suggestions through his personal Demat and trading accounts and reportedly earned profits, which helped build his trust in the group and its operators.
The scheme later evolved into what was presented as an exclusive investment programme. After the original WhatsApp group was shut down, allegedly for security reasons, Chaudhary was added to several new groups that claimed to provide advanced trading strategies and privileged market access.
According to the complaint, one of the alleged operators persuaded him to open an “internal equity account” through a series of websites promoted as specialised investment platforms. Believing the operation to be genuine, Chaudhary transferred money into numerous bank accounts provided by the accused.
Police said the victim ultimately deposited Rs 4.43 crore through multiple transactions into 34 different bank accounts. The online platform later displayed a notional profit of more than Rs 26.64 crore, leading him to believe that his investments had generated massive returns.
However, when he attempted to withdraw the funds, the accused allegedly informed him that a service charge amounting to five per cent of the displayed profits had to be paid before any withdrawal could be processed. He was reportedly asked to deposit more than Rs 1 crore as a mandatory fee.
The demand raised suspicions, prompting Chaudhary to verify the investment arrangement. Realising he may have been deceived, he lodged a complaint through the National Cyber Crime Reporting Portal on June 1.
Based on the complaint, police have registered a case under relevant provisions of the Bharatiya Nyaya Sanhita and the Information Technology Act. Investigators are examining the roles of the WhatsApp group administrators, website operators, bank account holders and other individuals allegedly connected to the fraud.
Authorities suspect the operation was part of a well-organised cybercrime network designed to exploit investors through fake trading platforms and fabricated profit figures. Efforts are currently underway to trace the movement of funds and identify all those involved.
Cybercrime officials have once again urged investors to exercise caution while dealing with investment opportunities promoted through social media platforms, messaging applications and unverified websites. Experts advise investors to verify the credentials of advisers, avoid transferring money to unknown accounts and remain sceptical of schemes promising unusually high returns.
The investigation remains ongoing, and further details are expected as authorities continue their probe into one of the city's largest recent investment fraud cases.