Chartered Accountant Duped of ₹1.15 Crore in Online Share Trading Fraud

A Pune-based Chartered Accountant was allegedly duped of ₹1.15 crore in an online share trading fraud after being lured through WhatsApp groups promising high IPO and QIB-based trading returns.

A Pune-based Chartered Accountant has allegedly lost ₹1.15 crore after falling victim to an online share trading fraud, according to police officials.

The 48-year-old victim, who resides in a premium apartment on Sinhagad Road, approached the Pune City Cyber Police Station, following which an FIR was registered on June 9.

As per the complaint, the incident began on November 15, 2025, when the victim received a WhatsApp advertisement titled “D18 Exploring Profit Methods.” After clicking on the advertisement, he was allegedly added to a WhatsApp group with the same name, which had around 158 members.

The group administrator, identified in the FIR as Megnand Sharma, was reportedly conducting share trading-related sessions for the members. Later, the victim was added to another group named “7-Special Training Team B,” where he was allegedly convinced that he could become a Qualified Institutional Buyer (QIB).

The fraudsters allegedly claimed that while ordinary investors trade during regular market hours, QIBs can trade between 7 pm and 8 pm and earn profits exceeding 10%.

The victim was then allegedly persuaded to apply for an IPO named “ICICI Jerez Prudential Apic,” with the promise of substantial returns. Believing the claims, he transferred ₹60 lakh through online transactions. The accused later allegedly informed him that he had earned a profit of ₹2.5 crore.

Following further instructions from the fraudsters, the victim allegedly invested another ₹53 lakh in different IPOs. However, on November 29, 2025, he was asked to pay an additional ₹45 lakh on the pretext that extra shares had been allotted to him due to certain “performance or trading” issues.

When the victim tried to contact the WhatsApp group administrator and other members, there was no response. Realising that he had been cheated, he filed an online complaint through the National Cyber Crime Reporting Portal by calling 1930 on December 31, 2025.

After verification of the complaint, the cyber police registered an FIR on June 9 and recorded the statement of the Chartered Accountant.

According to police, the victim transferred a total amount of ₹1,15,32,000 to multiple fraudulent bank accounts through 13 online transactions between November 11 and December 24, 2025, hoping to earn high returns from online share trading.

The unidentified accused have been booked under relevant provisions of the Bharatiya Nyaya Sanhita, including sections related to cheating and common intention, along with Section 66(d) of the Information Technology Act for cheating by personation.

Police are now investigating the mobile numbers, WhatsApp groups and bank accounts allegedly used by the cyber fraudsters.