Pune Cyber Police have arrested four suspects in connection with one of the city’s largest online trading fraud cases, involving the alleged duping of an 85‑year‑old retired entrepreneur out of Rs 22.03 crore through a bogus online share trading scheme. The case has drawn attention as one of the most significant cyber frauds recorded in Pune to date.

Massive Fraud Scheme Targeted Elderly Victim

According to police, the four accused, three from Chhatrapati Sambhajinagar and one from Thane, are linked to elaborate online fraud operations that convinced the elderly victim to transfer large sums of money over several months. Investigators revealed that between October and January, the victim was coaxed into moving funds to multiple bank accounts, many of which were mule accounts used to launder the money.

In total, money was moved through up to 150 different bank accounts across several cities, including Noida, Kolkata, and Bengaluru, as part of the scam. The accused allegedly used a combination of multiple phone numbers, fraudulent websites, and a fake mobile trading app to create the impression of a legitimate investment platform.

Investigation and Arrests

The victim, realizing something was amiss when the promised returns failed to materialize, approached the Pune Cyber Police, triggering a comprehensive digital forensic investigation. Using advanced tracking techniques, cyber police were able to trace the transactions and identify the suspects. The four individuals were subsequently taken into custody and remanded to police custody, while authorities continue efforts to track down primary conspirators behind the operation.

Officials noted that while the four arrested played key roles in receiving and transferring funds as part of the fraud network, their direct financial gains were relatively limited compared with the total amount defrauded. Police teams are now working to identify additional accomplices and uncover the geographic and financial links underpinning the scheme.

Pattern of Cyber Fraud in Pune

This case adds to a growing trend of online scams in the Pune region, where cyber criminals target unsuspecting individuals, especially seniors, by exploiting their trust and promising high returns on investments. Police have previously investigated multiple similar scams involving cyber fraud and share market investment schemes, through which victims lost substantial sums by transferring money to fraudulent accounts.

Authorities continue to warn the public against falling for unsolicited investment pitches, urging individuals to verify the authenticity of financial platforms and advisors before transferring funds. Police also advise people to report suspicious app links or trading apps, as these are commonly used to create false impressions of legitimacy.

Community Awareness and Safeguarding

Local cyber police officials and community leaders have emphasized the importance of awareness initiatives to educate vulnerable populations, particularly senior citizens, about the risks of online financial scams. Workshops and outreach programs are being planned to help residents identify common red flags such as unsolicited calls, promises of guaranteed high returns, and requests for large upfront transfers.

Meanwhile, the Pune Cyber Police are actively pursuing further leads and encouraging anyone with information on related schemes to come forward, as part of broader efforts to curb rising cybercrime in the region.

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