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Pune Fake Share Trading Scheme | Report Scams

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arrestedStock Market ManipulationPune, Maharashtra

Pune Fake Share Trading Scheme

Law enforcement agencies in Maharashtra have uncovered sophisticated online share-trading scams involving fraudulent investment apps and social media manipulation. In one case handled by the Pimpri Chinchwad cyber police, a young student lost Rs 84 lakh after being promised high returns by fraudsters claiming to be recognized by SEBI. Investigations into that case led to the arrest of a Goa hotelier and a Kolkata businessman's son, who allegedly operated a network of mule bank accounts through which transactions exceeding Rs 100 crore were processed. Separately, the Kandivali Police in Mumbai arrested two suspects in Pune for a similar investment fraud that duped a local resident of Rs 8.22 lakh using lookalike trading portals and fake ledger data.

State

Maharashtra

First reported

January 2024

Estimated victims

2,000+

Amount alleged

₹80+ Cr (alleged)

Agencies involved

Pimpri Chinchwad Cyber Police, Kandivali Police, and Pune City Police Cyber Cell

Arrests

Multiple arrests including a Goa hotelier, a Kolkata businessman's son, and eight individuals arrested by Pune city police

Status

Accused remanded to police custody, funds frozen in destination accounts, and further investigations underway

The full story

Everything you need to know about this case, in one place.

In another major case reported by the Pune city police cyber cell, an 85-year-old resident was defrauded of over Rs 22 crore through a fake investment scheme operating via WhatsApp and a fraudulent mobile application between late 2025 and early 2026. Following technical analysis of the money trail, Pune police arrested eight individuals allegedly involved in supplying mule bank accounts, handling account kits, and funneling illicit funds. Authorities have managed to freeze portions of the siphoned money across multiple bank accounts while continuing their search for handlers and other syndicate members.

Not yet reported: The articles do not specify the ultimate judicial outcomes or the identities of the primary masterminds operating out of state.

Where the case stands

The latest position in the reports we read.

Multiple suspects have been arrested across different jurisdictions by the Pimpri Chinchwad, Kandivali, and Pune city cyber police. Authorities have frozen portions of the defrauded funds and are conducting further investigations to track down higher-level handlers and additional mule accounts.

Who was affected

Described in general terms; we do not name victims.

Victims included a 22-year-old student and lubricant business assistant from Chikhali, a resident in Kandivali, and an 85-year-old man from Magarpatta, Hadapsar.

Timeline

Key dates as reported, oldest first.

February to June (year not fully specified in first report)A 22-year-old resident of Chikhali was duped of Rs 84 lakh through a fake share-trading scheme.

October 25, 2025 to January 17, 2026An 85-year-old man in Magarpatta, Hadapsar, was cheated of Rs 22.03 crore in a separate share trading fraud.

January 19, 2026A formal case was registered at the Cyber Police Station regarding the Rs 22.03 crore fraud under relevant sections of the BNS and IT Act.

How the scam worked

The method described in the reports.

Fraudsters initiated contact with targets through social media platforms, text messages, and encrypted messaging apps, promising massive returns on share market investments.
The scammers built trust by falsely claiming their firm was recognized by SEBI and by adding victims to exclusive WhatsApp groups.
Victims were instructed to download lookalike, proprietary share-trading applications onto their mobile devices.
The fake apps displayed simulated real-time market charts, massive daily capital multipliers, and fictitious interest accruals to create the illusion of growing wealth.
Targets were persuaded to transfer funds into multiple proxy and mule bank accounts provided by the operators.
When victims attempted to withdraw their capital, platform administrators locked them out of their accounts, deactivated communication channels, and froze the app dashboards.

Targeted by something similar?

Call 1930 (free, 24x7) straight away, then file at cybercrime.gov.in. Money reported in the first hours is far easier to freeze.

Report it on Report Scams Emergency guide How these scams work

Keep reading

More cases like this one.

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Sources and further reading

Optional. The full story is above; these are the original reports it was prepared from.

timesofindia.indiatimes.comOriginal report the420.inOriginal report hindustantimes.comOriginal report Primary source / searchOpens via Google News

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