By: Express News ServiceUpdated: October 12, 2025 10:31 PM IST 2 min readA 52-year-old Pune resident lost Rs 3.66 crore to online share trading fraudsters who used fake identities and a fraudulent app.Cyber scammers have duped a Pune resident of Rs 3.66 crore in an online share trading fraud, police said on Saturday. The 52-year-old victim, a resident of Hadapsar, lodged an FIR in the case at the Cyber Police Station.According to a press release issued by the police, the fraud took place between July 15 and October 7 this year. Investigators said the fraudsters contacted the complainant over WhatsApp, promising huge returns on investments in share trading.Police suspect that the scammers, operating under fake names, communicated with the complainant online and convinced him to download a fraudulent mobile application. The victim subsequently transferred Rs 3,66,44,647 into several bank accounts as part of the purported investment, expecting high profits. When no returns materialised, he realised he had been duped and approached the police.An offence has been registered against unidentified persons under sections 316(5), 319(5), 318(4), and 3(5) of the Bharatiya Nyay Sanhita (BNS) and relevant provisions of the Information Technology (IT) Act. Police are now examining the mobile numbers and bank accounts used by the accused.Senior Police Inspector Swapnali Shinde is investigating the case. Deputy Commissioner of Police (EOW and Cyber) Vivek Masal said the complainant, a well-educated man, lost about Rs 3.66 crore to cyber fraudsters.Police officials noted a sharp rise in online share trading frauds across Pune and Pimpri-Chinchwad over the past two years. Fraudsters often lure victims through trading tips, virtual lectures, fake mobile apps, and promises of high returns. Despite repeated advisories and awareness campaigns, officials say citizens continue to fall prey to such scams.In an advisory issued in February last year, the Securities and Exchange Board of India (SEBI) warned that “fraudsters are enticing victims through online trading courses, seminars, and mentorship programmes, leveraging social media platforms like WhatsApp or Telegram, as well as live broadcasts. Posing as employees or affiliates of SEBI-registered Foreign Portfolio Investors, they coax individuals into downloading applications that purportedly allow them to purchase shares, subscribe to IPOs, and enjoy ‘Institutional account benefits’ – all without the need for an official trading or Demat account.”SEBI also cautioned that these operations often use mobile numbers registered under false names to carry out such schemes.Click here to join Express Pune WhatsApp channel and get a curated list of our stories© The Indian Express Pvt Ltd