Pune: A 47-year-old software engineer in Pune has allegedly been cheated of ₹2.17 crore in an elaborate online investment fraud involving a fake trading application, fraudulent WhatsApp groups and forged Securities and Exchange Board of India (SEBI) credentials.
According to reports, the victim initially came across an investment opportunity through an advertisement on Instagram. Believing it to be a legitimate stock market scheme, he engaged with the promoters and was subsequently added to WhatsApp groups where investment advice and trading-related discussions were shared.
The fraudsters allegedly used a counterfeit SEBI certificate to establish credibility and convince the victim that the investment operation was authorised. He was also encouraged to trade through a fraudulent mobile application designed to resemble a genuine stock trading platform.
Over several months, the software engineer reportedly transferred substantial amounts of money into the scheme, eventually losing ₹2.17 crore. The case highlights how scammers combine social media promotions, fabricated regulatory documents and convincing digital interfaces to target investors.
The incident also serves as a reminder that professional qualifications and technical expertise do not necessarily protect individuals from sophisticated financial fraud. Fraudsters increasingly exploit trust and social engineering to persuade victims to make repeated investments.
Investors are advised to independently verify the registration of brokers and investment intermediaries through SEBI’s official website before committing funds. Unsolicited investment advertisements, WhatsApp trading groups, unfamiliar applications and promises of unusually high returns should be treated with caution.
Anyone suspecting financial cyber fraud should immediately contact their bank, report the incident through the National Cyber Crime Reporting Portal or call 1930.
