Pune IT Victim Loses ₹3.66 Crore to Fake Trading App: Spot the Scam Before It's Too Late

An IT professional in Pune fell victim to a cyber fraud, losing ₹3.66 crore between July 15 and October 1, 2025, after being lured by a social media ad promising high stock market returns. Added to a WhatsApp group filled with fake success stories from "members," he was convinced by the admin to download a bogus trading app. Unbeknownst to him, the app granted scammers remote access to his device, allowing them to manipulate transactions and display inflated profits.

Starting with small investments, the victim was hooked by the app's fabricated gains, pouring in larger sums for "premium shares" and IPOs via multiple fake bank accounts. The scammers controlled the interface remotely, creating an illusion of lucrative trades. The fraud unraveled when he tried to withdraw funds—his account was blocked, and demands for more money followed, exposing the scam.

He filed a complaint with Pune Cyber Crime Cell, triggering an investigation. Cyber expert Prof. Triveni Singh warns of exploiting investor greed through fake platforms: Download apps only from official stores, enable 2FA, never share OTPs/PINs, verify groups/admins, and consult financial advisors. This case highlights the need for vigilance in digital investments to avoid such sophisticated traps.

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