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Pune techie travels to Indore firm, realises he lost Rs…

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activeCyber Crime / Digital ArrestMaharashtra

Pune techie travels to Indore firm, realises he lost Rs 2.17 crore in stock scam

A 47-year-old software engineer from Tathawade fell victim to an alleged online stock trading scam, losing Rs 2.17 crore. The complainant, who works as a chief engineer at a prominent Pimpri-based software company, encountered a social media advertisement on August 3 promoting a trading platform. Upon clicking the ad, he was added to a messaging group where other members allegedly shared screenshots of their profitable portfolios, encouraging his participation.

State

Maharashtra

First reported

October 2026

Agency involved

Indore Police Crime Branch and Pimpri Chinchwad Police

Status

Police have sought transaction details from the complainant's bank and the case has been transferred to Pimpri Chinchwad authorities.

The full story

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

The administrators of the messaging group allegedly posed as representatives of an Indore-based trading company and convinced the victim to download a fake trading application. To build trust, the suspects reportedly displayed fabricated Securities and Exchange Board of India (Sebi) certificates. The victim was persuaded to transfer money into multiple bank accounts between August 10 and September 10, while the fraudulent app falsely indicated that his investments were growing rapidly.

The fraud came to light when the victim attempted to liquidate his funds on September 15. The suspects allegedly demanded an additional payment of Rs 50 lakh to unlock the portfolio, claiming he had failed to follow proper procedures. Growing suspicious, the engineer travelled to Indore to visit the actual company's office, where he discovered the firm had no official mobile application and was not involved with the platform. He subsequently reported the matter to the crime branch of the Indore police, who transferred the case to the Pimpri Chinchwad police.

Not yet reported: The articles do not mention any arrests made or the specific identities of the suspects operating the fake trading app.

Where the case stands

The latest position in the reports we read.

The police are currently investigating the matter and have requested transaction details from the victim's bank after receiving the case transferred from Indore.

Who was affected

Described in general terms; we do not name victims.

A 47-year-old software engineer working as a chief engineer at a prominent Pimpri-based software company.

Timeline

Key dates as reported, oldest first.

August 3, 2026The complainant clicked on a social media advertisement for a trading platform and joined a messaging group.

August 3 to September 17, 2026The period during which the software engineer transferred money to the suspects, according to the complaint.

August 10 to September 10, 2026The dates between which the victim transferred Rs 2.17 crore to multiple bank accounts.

September 15, 2026The victim attempted to divest his portfolio but was asked by suspects to pay an additional Rs 50 lakh.

How the scam worked

The method described in the reports.

The victim was lured through a social media advertisement promoting a stock trading platform.
He was added to a messaging group where purported members shared fake screenshots of high returns.
The suspects claimed to represent a genuine Indore-based trading firm and induced him to download a fake mobile application.
The fraudsters displayed fabricated Sebi certificates to gain the victim's confidence.
The victim transferred money in multiple installments to accounts provided by the suspects.
The fraudulent app showed inflated portfolio values to encourage further investments.
When withdrawal was attempted, the suspects demanded additional money under the guise of unlocking fees.

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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 The Indian ExpressOpens via Google News

Prepared by Report Scams, with the help of AI, from the published reports listed above. Check those reports for the latest. Cases here describe allegations. An FIR, arrest or charge is not a finding of guilt. To report a mistake, or to ask for a correction or removal, write to our Grievance Officer. See also the Safe Posting policy.