53-year-old Kothrud resident loses Rs 71 lakh to share-trading fraud

Pune: A 53-year-old man, who worked with an IT firm and recently opted for voluntary retirement, allegedly lost Rs 71.20 lakh to cybercrooks who promised him handsome returns on his investment in online share trading.

The victim, a resident of Mayur Colony in Kothrud, has lodged a complaint with the Pune cyber police. The fraud took place between Dec 2024 and March 2026, police said.

Senior inspector Swapnali Shinde of Pune cyber police told TOI, “The complainant recently took retirement from an IT company located on Senapati Bapat road. Now, he works as a consultant.”

According to the police, the suspects added the complainant’s mobile number to a group on a messaging app, where members discussed high returns generated through online share trading. The group members always thanked the group admin for the tips on share trading.

“Impressed by the profits claimed by the group members, the complainant contacted the group admin, who promised to help the techie. The group admin sent him a link to an online mobile app to trade shares, and the complainant downloaded the app,” Shinde said.

The complainant told police that after downloading the app, he started buying shares of lesser value. However, the group admin contacted him and told him to buy high-value shares for more profit. “The group admin promised to help the complainant buy the high-value shares and shared seven bank account details with him. The complainant then transferred a total sum of Rs 71.20 lakh to these bank accounts,” the officer said.

The app showed a profit of over Rs 1 crore, and the complainant decided to sell the shares for a profit. “However, the fraudsters prevented him from selling the shares. The complainant then realised that he had been cheated and approached the police,” Shinde said.