The Pune city police have started an investigation in the cyber fraud case. (AI image).An elderly Pune realtor lost Rs 2.3 crore after falling prey to a Facebook advertisement for a fake stock trading platform featuring Union Finance Minister Nirmala Sitharaman, the police said.According to the FIR, the fraud began on May 25 when the man, who was a pharma executive, clicked on the advertisement, as Sitharaman’s photograph misled him into trusting it. Two days later, he received a WhatsApp call from a person who claimed to be associated with a share trading platform and explained how he could invest in the stock market. The caller then sent him a link to a website, created an account for him, and asked him to set a password and log in.The fraudsters then appear to have built his confidence by showing returns on the platform and sending money back to him as supposed profits. After making two or three investments, the caller allegedly transferred Rs 74,000 to the victim’s Bank account and told him that it was the profit he had earned. This increased his trust in the platform, following which he continued transferring larger amounts when instructed, according to the FIR.The caller subsequently sent him details of various bank accounts through email and persuaded him to transfer money for stock market investments. The FIR records 14 transactions between July 7 and July 30, amounting to Rs 2.3 crore. The money was transferred to several mule accounts in Delhi, Hyderabad, Chennai, Pune, and Vadodara.Also Read | Digital arrest: How a maze of 5,436 accounts was used to funnel Rs 10.7 crore siphoned from Pune senior citizenMeanwhile, the fake trading platform showed that his investment had grown to Rs 6.5 crore. When he requested to withdraw the money, he was allegedly contacted by another person claiming to be a financial adviser, who told him that his “equity had fallen” and that he would have to pay Rs 2.5 crore more to withdraw his money. This demand raised his suspicions and he realised that he had been cheated.The Pune city cyber police have started an investigation based on his complaint.How share-trading scams workFraudsters often use social media advertisements and fake trading platforms to make investment scams appear legitimate. They may use photographs or deepfake videos of public figures, professional-looking websites, and people posing as investment advisers to gain victims’ confidence. A small initial payment shown as “profit” often builds trust before victims are persuaded to invest much larger sums.Story continues below this adThe police have warned investors to independently verify whether a platform or intermediary is registered with the Securities and Exchange Board of India (Sebi), avoid investment links received through social media or messaging apps, and never transfer money to bank accounts provided by unknown people.Promises of unusually high returns or demands for additional money to withdraw supposed profits are major red flags, the police added.Sushant Kulkarni is a Special Correspondent with The Indian Express in Pune with 12+ years of experience covering issues related to Crime, Defence, Internal Security and Courts. He has been associated with the Indian Express since July 2010. Sushant has extensively reported on law and order issues of Pune and surrounding area, Cyber crime, narcotics trade and terrorism. His coverage in the Defence beat includes operational aspects of the three services, the defence research and development and issues related to key defence establishments. He has covered several sensitive cases in the courts at Pune. Sushant is an avid photographer, plays harmonica and loves cooking. ... Read MoreClick here to join Express Pune WhatsApp channel and get a curated list of our stories