Pune retiree loses ₹5.63cr in WhatsApp trading scam
A 68-year-old retired banker from Pune lost ₹5.63 crore after falling for a fake investment scheme on WhatsApp.
He was drawn in by a Facebook ad promising big returns and convinced by scammers—posing as financial experts—to use a bogus trading app that showed fake profits to build trust.
Over three years, he kept investing more, thinking his money was growing.
Scam exposed after withdrawal attempt; police investigating
When he tried to withdraw his funds, the scammers demanded another ₹20 lakh for "taxes" and then vanished, shutting down the app and cutting off contact.
The victim has filed an FIR with Pune Cyber Police, who are now tracing the money and say the funds were moved across multiple accounts, complicating recovery efforts.
SEBI has issued warnings against unregistered trading platforms—similar cases have hit other professionals in Pune recently.