Online trading scam: How Pune techie lost Rs 4 crore life savings in fraud. Read shocking details

Online trading scam: In a major cyber fraud incident, a 59-year-old retired mechanical engineer from Pune was allegedly defrauded of nearly Rs 4 crore in an online share trading scam. The victim, a resident of Viman Nagar, lodged a complaint with the cyber police station after realising he had fallen prey to the elaborate scheme.

According to police officials, the fraudsters initiated contact with the victim in October 2023, presenting an enticing online share trading offer promising substantial returns on investments. Through multiple interactions, the perpetrators gained the victim's trust, leading him to transfer a total of Rs 3,95,85,204 from his bank account to various others until December 9, 2023.

When the victim failed to receive the promised returns, he became suspicious and eventually realised he had been duped. Subsequently, he approached the cyber police station to report the fraudulent activity.


The police have launched an investigation into the matter, with the accused being identified as operating under the WhatsApp group name 'VIP13,' along with individuals using aliases 'Zani Azim' and 'tutor Amit.'

Charges have been filed under relevant sections of the Indian Penal Code, including cheating by personation (419), cheating and dishonestly inducing delivery of property (420), and common intention (34). Additionally, sections of the Information Technology Act have been invoked.