Pune Doctor Duped of Rs 12 Crore in ‘Double Money in 11 Days’ Stock Scam; Fake App and WhatsApp Group Used to Trap Victim

75-year-old lured by promise of Rs 54 crore returns; fake app and WhatsApp group used to build trust

A shocking cyber fraud case has emerged from Pune, where a 75-year-old doctor was duped of Rs 12.31 crore after being promised massive returns through a fake stock market investment scheme.

How The Scam Began

The fraud started in January when the doctor received a message from an unknown number offering high returns through stock market investments. After showing interest, he was added to a WhatsApp group named “VIP Stock 24”, where so-called experts shared stock tips and success stories.

Members in the group, believed to be part of the scam network, regularly posted messages claiming huge profits to build credibility and gain the victim’s trust.

Promise Of Massive Returns

The fraudsters convinced the doctor that his investment could grow to Rs 54 crore within just 11 days. He was repeatedly told that following their instructions precisely would guarantee extraordinary profits.

Believing these claims, the doctor agreed to invest.

Fake Trading App And Fabricated Profits

The victim was then directed to download a fraudulent trading application that resembled a reputed international financial firm.

He was asked to share personal and financial details and transfer money to multiple bank accounts. The app displayed these transfers as investments and showed fake profits, making the scheme appear genuine and highly successful.

Rs 12.31 Crore Transferred In 8 Transactions

Between March 7 and March 18, the doctor made eight transactions, transferring a total of Rs 12.31 crore to different bank accounts provided by the fraudsters.

Encouraged by the fake profits shown on the app, he continued investing larger sums over time.

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Threats Used To Force More Payments

When the doctor hesitated to invest further, the accused allegedly threatened to seize his properties, pressuring him to continue transferring money.

The fake application eventually displayed returns of Rs 54 crore, but when he attempted to withdraw funds, he was again threatened and denied access.

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Realisation And Police Complaint

After receiving no actual returns and facing repeated demands for more money, the doctor realised he had been cheated. He then approached the police and filed a complaint.

An FIR has been registered at the cyber police station, and authorities have launched an investigation to trace the accused and track the money trail.

How The Fraud Worked

• Initial contact through unsolicited investment message
• Addition to a WhatsApp group posing as experts
• Use of fake testimonials to build trust
• Redirection to a fraudulent trading app
• Display of fabricated profits
• Continuous pressure and threats to extract more money

Rising Threat Of Investment Scams

Police officials have warned that such scams are becoming increasingly common, often using fake apps, social media groups, and impersonation of financial experts to target victims.

They have urged people to avoid trusting unknown investment schemes, especially those promising guaranteed or unusually high returns in a short period.

Disclaimer: This article is for awareness purposes only. Readers are advised to verify investment platforms and avoid sharing personal or financial details with unverified sources.