Pune Doctor Loses Rs 12 Crore In Stock Market Scam: Here's What Happened

A 75-year-old Pune doctor transferred Rs 12 crore into a fake stock scheme. The app showed Rs 54 crore in profit. None of it was ever real.

Cyber criminals can pose as police officers or investment experts to access bank accounts. 

Source : Freepik

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Key points generated by AI, verified by newsroom

• Pune doctor lost ₹12 crore to fake stock trading scheme.
• Scammers posed as financial experts, used fake app.
• Victim threatened when trying to withdraw fabricated profits.

A 75-year-old doctor from Pune has lost Rs 12 crore to cyber criminals who lured him into a fake stock trading scheme. The fraud, which began in January, involved scammers posing as financial experts, fabricating profits on a fake app, and later threatening the victim when he tried to withdraw his money. 

The case highlights a growing pattern of cyber fraud in India, where criminals use social media platforms and fake investment apps to target individuals, including professionals with significant savings.

How Did The Scam Unfold?

The fraud started when the victim received a message from an unknown number, offering stock investment opportunities along with a link. Clicking on it added him to a WhatsApp group, where the admin falsely claimed to be an executive at a major global financial management firm. The admin also claimed to have authored a book on the stock market, which was entirely fabricated.

Inside the group, other members posted messages about large profits they had supposedly earned, which convinced the doctor to invest. He was then directed to log in to a platform where he was asked to share his personal and financial details. After this, he was given access to a mule account, which is a bank account opened using fake details or in someone else's name.

Between March 7 and March 18, the victim transferred Rs 12.31 crore across around eight transactions. The app showed a profit of Rs 54 crore, but when he attempted to withdraw the money, the scammers began threatening him, warning that his property would be seized. 

It was at this point that he understood he had been defrauded. He has since filed a complaint at the cybercrime police station.

How Can You Protect Yourself From Such Scams?

Do not trust messages, calls, or video calls from unknown numbers. Cyber criminals can pose as police officers or investment experts to access bank accounts. 

Never click on links from unknown sources, as they may lead to fake websites or install malicious apps on your device, giving fraudsters access to your financial information.