A 73-year-old retired bank manager from Wadgaon Sheri in Pune has filed a complaint with the Pune Cyber police on Saturday, alleging that online fraudsters posing as a woman duped him of Rs 81 lakh by promising lucrative returns on investments in shares and a digital gold scheme. The fraudulent transactions occurred between December 2024 and March 2025.
How the Scam Unfolded
Senior Inspector Swapnali Shinde of Pune Cyber police informed TOI that the victim, a retired bank manager, spends most of his time at home and is frequently engaged with his smartphone. In December 2024, he received a message on a messaging application urging him to invest in online share trading and a digital gold scheme.
The fraudsters, consistently posing as a woman, instructed him to download a mobile application for trading shares and investing in digital gold. The victim followed the instructions, downloaded the app, and entered his banking credentials, identity cards as proof, and other personal details.
Initial Profits to Build Trust
He began purchasing shares and digital gold with an initial investment of Rs 20,000. Within a few days, he received a profit of Rs 1,700, which was credited directly to his bank account. This was a tactic to gain his confidence in the scheme, police said.
Subsequently, the fraudsters asked him to invest in high-value shares and digital gold for greater profits, promising a 35% return within a few days. They provided seven different bank accounts for the victim to transfer money. Over time, the victim transferred substantial amounts to these accounts.
Fake Profits and Realization
The application showed a profit of over Rs 1.5 crore. In January 2025, the victim decided to sell the shares and digital gold to realize the profits, but the suspects prevented him from doing so. It was then that the retired manager realized he had been cheated.
The Pune Cyber police are investigating the case and have urged citizens to be cautious of such fraudulent schemes promising high returns.
